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Barkley_Rosser comments on The Affect Heuristic - Less Wrong

37 Post author: Eliezer_Yudkowsky 27 November 2007 07:58AM

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Comment author: Barkley_Rosser 28 November 2007 06:24:03PM 0 points [-]

Eliezer is correct that lots of people are very bad at calculating probabilities, and there are all kinds of well known biases in calculating when affect gets involved, especially small sample biases when one is personally aware of an outlier example, especially a bad one.

However, the opening example is perfectly fine. Eliezer even has it: the higher insurance is to cover the real emotional pain of losing the more personally valued grandfather clock. How much we subjectively value something most certainly depends on the circumstances of how we obtained it. There is nothing irrational about this whatsoever. Rationality above all involves following that old advice of Polonius: know thyself.