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DanielLC comments on What are the most common and important trade-offs that decision makers face? - Less Wrong Discussion
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Comments (30)
Why is unpredictability a good thing? Is this something where you're playing a game with another agent and you don't want him to predict what you'll do?
I don't think those are opposite. They'll occur in tradeoffs, but only in the sense that any two things will. There's also speed vs cost, or speed vs documentation, etc.
I believe this is normally stated as "Risk vs Reward".
Yes, exactly. Kind of narrow, but I just find it really cool. And, lots of things decision makers have to do can be formulated as games with other agents.
I agree that they might not be "intrinsic", but if they're very commonly inversely correlated in situations we care about (which I think they are), then considering it as a trade-off can still be useful. See here for more.
Thanks. I'll make this explicit next time. I like to have an upside connoted by both words of the trade-offs, which is why I didn't like risk vs reward.
Come to think of it, "Risk vs Reward" is oddly-worded. It's both vs neither. If you had to choose between the two, you'd pick reward every time.
That's because there ain't no such thing :-) there is no "vs" there.
People usually talk about risk/reward ratios. The trade-off is between a larger reward with more uncertainty and a lower reward with less uncertainty. Your preferences in this trade-off are often described as risk aversion.