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The best sentence I read today
And - expected utility theory notwithstanding - people adapt more easily to 100% certain bad events than to 95% certain bad events.
Here is more.
Further thoughts: I can see how the possibility of fertility treatments might make a couple worse off, if those treatments don't work. But is it better to feel "I will never have sex again," or would you rather hold on to the five percent chance? What exactly makes these two cases different?
Posted by Tyler Cowen on March 1, 2006 at 11:21 PM in Education | Permalink
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Comments
Sure. Same result (more or less) that says that people think a computer is slower if it takes 1 second sometimes and 30 seconds other times versus a computer that always takes 30 seconds to produce the same result.
Posted by: Russell Nelson at Mar 2, 2006 1:29:53 AM
"Is it better to feel "I will never have sex again," or would you rather
hold on to the five percent chance?"
I'll hold onto my 5% chance, or even a 0.5% chance...it doesn't say people
ever PREFER a 100% chance of disaster to a 95% chance...just that it is
easier to adapt when you KNOW it is coming.
If I knew for certain I could never have sex again, I could focus on a
lot of other things. But I'd use up a good chunk of my time trying to
actualize some 0.5% chance!
Posted by: jens fiederer at Mar 2, 2006 8:03:03 AM
I think Eleanor Roosevelt said, "Anyone can endure hardship, but only the truly brave can endure suspense."
Posted by: Christine Hurt at Mar 2, 2006 9:09:34 AM
Fertility has nothing to do with whether people can "have sex." Are you confusing "fertility" with "impotence"?
Posted by: Niels Jackson at Mar 2, 2006 12:10:43 PM
Niels - read the words "these two cases"...
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