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shminux comments on Pooling resources for valuable actuarial calculations - Less Wrong Discussion

12 Post author: michaelcurzi 15 February 2012 05:01PM

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Comment author: shminux 15 February 2012 09:24:32PM 5 points [-]

wouldn't it be worth contracting with actuaries to make important personal decisions?

Actuarial science is based on statistics and so is most useful when dealing with large populations.

Given that the probability distributions of these events are quite wide, and that personal tolerances of adverse outcomes, as well as the levels of appreciation for favorable outcomes also vary quite widely, I would expect the standard actuarial data to be of limited utility for personal decision making.