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Evaluating gambles using dynamics: Chaos: An Interdisciplinary Journal of Nonlinear Science: Vol 26, No 2
This is absolutely fascinating. The loss-aversion result only happens because of weird assumptions (wealth doesn't compound and running out of cash isn't a problem) and the weird assumptions are only there because of a 300-year-old maths error. It turns out people are entirely rational in terms of optimizing the average growth of their bankroll - which is exactly what the Kelly criterion or common sense would tell you!
lossaversion  economics  logarithmic  maths  statistics 
7 days ago by yorksranter

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