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hairyfigment comments on Knightian Uncertainty and Ambiguity Aversion: Motivation - LessWrong
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You don't mention what seems like the most important problem with a bet on the unbalanced game: you'll look like a fool if you guess wrong. This could have far-reaching monetary consequences in real finance, and status consequences in general.
This is very important. Feeling like there are status consequences has an effect on decision making in humans regardless of whether there are actual status consequences.