"So," the Lord Pilot finally said. "What kind of asset retains its value in a market with nine minutes to live?"
"Booze for immediate delivery," the Master of Fandom said promptly. "That's what you call a -"
"Liquidity preference," the others chorused.
So, what's the default clause on a contract for booze for immediate delivery? What makes you think a rational agent will fulfill the contract?
http://xkcd.com/1132/
Is this a fair representation of frequentists versus bayesians? I feel like every time the topic comes up, 'Bayesian statistics' is an applause light for me, and I'm not sure why I'm supposed to be applauding.