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Larks comments on CEV-inspired models - Less Wrong Discussion

7 Post author: Stuart_Armstrong 07 December 2011 06:35PM

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Comment author: Larks 08 December 2011 10:36:09PM 0 points [-]

No; if you didn't delay gratification you'd spend the money quickly, regardless of how you got it.

Comment author: cousin_it 08 December 2011 11:05:05PM *  1 point [-]

The funniest counterexample I know is Jefri Bolkiah =)

Comment author: Kaj_Sotala 09 December 2011 10:24:29AM 0 points [-]

If you didn't delay gratification and had expensive tastes, you'd spend the money quickly, regardless of how you got it.

Even if everyone did have expensive tastes, people who started off with less money would need to delay their gratification more. A very poor person might need to delay gratification an average of 80% of the time, since they couldn't afford almost anything. A sufficiently rich person might only need to delay gratification 10% of the time without running into financial trouble. So if you wanted to reward delaying of gratification, then on average the poorer that a person was, the more you'd want to reward him