Lumifer comments on If there was one element of statistical literacy that you could magically implant in every head, what would it be? - Less Wrong

3 Post author: enfascination 22 February 2016 07:53PM

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Comment author: CronoDAS 24 February 2016 10:25:03PM 2 points [-]

What precisely does "There is a 70% chance of rain tomorrow" mean?

If you offered me the choice of two "lottery tickets", one of which paid $30 if it rained tomorrow and one of which paid $70 if it didn't, I wouldn't care which one I took.

Comment author: Lumifer 25 February 2016 02:44:41AM 0 points [-]

My question was about the probability of rain, not about what you would be willing to bet on. Besides, who's that "me", a perfect rational Homo Economicus or a real person? Offering bets to an idealized concept seems like an iffy idea :-)