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CronoDAS comments on Risk aversion does not explain people's betting behaviours - Less Wrong
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Given a choice between losing $50 or a 50% chance of losing $100, a risk averse person loses the $50 and the loss-averse person takes the 50% chance of losing $100.
Given a choice between gaining $50 or a 50% chance of gaining $100, a risk averse person chooses to gain the $50 and the loss-averse person doesn't care which option he gets.