The Three Investors

The idea is actually very straightforward and it comes from how people have explored how you account for gains and losses. So the example that I gave in the paper is, and this is part of a survey that I did, was suppose there's two investors. And again, to repeat, investor A is the one who bought the stock market and bought some tail hedges. Who do you think was happier? Was investor A happier or investor B? There's no difference between the three choices. Even though the same expected value.

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