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Comments on: The climate change sceptics have it right! http://www.tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/ The Visible Hand in Economics Sun, 06 Apr 2008 15:34:43 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Making sense of insurance « The visible hand in economics http://www.tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1169 Sun, 06 Apr 2008 15:34:43 +0000 http://tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1169 […] sense of insurance 7 04 2008 I recently mentioned that prospect theory tells us that most people are risk seeking in losses. CPW commented […]

]]> By: rauparaha http://www.tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1172 Fri, 04 Apr 2008 01:59:52 +0000 http://tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1172 @ecpzb

Sorry, I rushed this off late and was too lazy to link it. I’m referring to the work on decisions under uncertainty by Kahneman and Tversky that lead to the development of prospect theory. I’ve now included a link to the original paper that they published in the post.

@CPW

My understanding of prospect theory isn’t particularly thorough so I’m going to do some more reading before I say anything silly 🙂 I’ll try to do a post on it by the end of the weekend cos the more I read, the more interesting it sounds.

]]> By: ecpzb http://www.tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1171 Thu, 03 Apr 2008 15:06:16 +0000 http://tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1171 Could you please exactly make a reference to the experimental work you are thinking of in this case?
I bet that the size of the loss matter, so I am not sure of that work you are referring to applies to the climate change discussion. Also, as we all know, it depends on the type of experiment/how it is setup etc.: I am very skeptical in believing the outcome of an experiment carried out on 100 undergraduate kids sitting in a lab so that they can to get 10 bucks an hour out of it…

]]> By: CPW http://www.tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1170 Thu, 03 Apr 2008 11:05:05 +0000 http://tvhe.co.nz/2008/04/03/the-climate-change-sceptics-have-it-right/#comment-1170 How do they reconcile the experimental result with the fact that people generally buy insurance?

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