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gjm comments on Open thread, Jan. 26 - Feb. 1, 2015 - Less Wrong Discussion

6 Post author: Gondolinian 26 January 2015 12:46AM

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Comment author: gjm 31 January 2015 07:06:34PM *  1 point [-]

If the price of the TV is a small enough fraction of your wealth and there isn't any special circumstance that makes your utility depend in a weird way on wealth (e.g., there's a competition this weekend that you want to enter, it's only open to people who can demonstrate that their net wealth is at least $1M, and your net wealth is very close to $1M), then your decision to buy the TV shouldn't be altered by having lost it.

Some TVs are quite expensive and most people aren't very wealthy, so this particular case might well be one in which being one TV's cost poorer really should change your decision.

[EDITED to fix a trivial typo.]