Vaniver comments on "I don't know." - Less Wrong
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Comments (16)
Risk aversion and transaction costs are both real and reasonable things. If I think there's a 25% chance of X, and someone else thinks there's a 24% chance of X, it's not worthwhile for us to bet on whether or not X will be true, because there's so little money on the table and so much variability in whether or not X will happen.