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pengvado comments on Risk aversion does not explain people's betting behaviours - Less Wrong
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Shane Frederick, 2005, "Cognitive Reflection and Decision Making", Journal of Economic Perspectives.
Very interesting (i wish they'd gone into more details about that particular choice!) Though it doesn't change the fact that diminishing marginal utility doesn't explain betting behaviour for most people; I know enough people who'd reject the 50-50 gamble on +55, -50, but accept the higher gamble.