31–40 of 75 posts
I'm sure that my behavior does not reflect my answers on this test. Given the numbers, I calculate expected value and answer rationally. In real life, a) the values and percentages are much less clear and b) even if they weren't I know I don't follow them as rationally.
I'm sure my choices here have been completely spoiled by all the pop-science books I read, in that my first thought upon each type of question was "Ah, that's from this and this research, where they found out that..." They need an "are you familiar with these types of questions?" question, because both the statistically expected answer and the rational answer were already known to me. I assume this is the case for mo…
I'm sure that my behavior does not reflect my answers on this test. Given the numbers, I calculate expected value and answer rationally. In real life, a) the values and percentages are much less clear and b) even if they weren't I know I don't follow them as rationally.
This is the point that I'm trying to get at. For Arrington to assert that entrepreneurs are "different" because they like risk, adventure, he is claiming that they knowingly choose bad deals. He is saying that these bad deals are compensated for not by money, reward, but the thrill of doing a startup. Hmm. We get a thrill from gambling sometimes even though we know that the odds are stacked against us. Arrington is d…
I'm sure that my behavior does not reflect my answers on this test. Given the numbers, I calculate expected value and answer rationally. In real life, a) the values and percentages are much less clear and b) even if they weren't I know I don't follow them as rationally.
This is the point that I'm trying to get at. For Arrington to assert that entrepreneurs are "different" because they like risk, adventure, he is claiming that they knowingly choose bad deals. He is saying that these bad deals are compensated for not by money, reward, but the thrill of doing a startup. Hmm. We get a thrill from gambling sometimes even though we know that the odds are stacked against us. Arrington is d…
Earlier quoted context omitted.
This is the point that I'm trying to get at. For Arrington to assert that entrepreneurs are "different" because they like risk, adventure, he is claiming that they knowingly choose bad deals. He is saying that these bad deals are compensated for not by money, reward, but the thrill of doing a startup. Hmm. We get a thrill from gambling sometimes even though we know that the odds are stacked against us. Arrington is d…
"Would you rather have a $100k steady job, or a 5% chance to make $1m in a year with a startup?" -> Definitely startup, even if the expected utility is half.
Earlier quoted context omitted.
"Would you rather have a $100k steady job, or a 5% chance to make $1m in a year with a startup?" -> Definitely startup, even if the expected utility is half.
Would you pay 50k to join a startup and work for free as a consultant?
Earlier quoted context omitted.
Would you pay 50k to join a startup and work for free as a consultant?
What is this, an anchoring exercise? :P Are you asking if I would pay to work in a startup? No, I can start my own for free.
http://dx.doi.org/10.1038/456168a
Some snippets from the above:
"...when subjects were introduced to the hot components of the task, differences were observed. We found that entrepreneurs behaved in a significantly riskier way, betting a greater percentage of their accrued points (63%) than their managerial counterparts (51%)."
"… risk-taking performance in the entrepreneurs was accompanied by elevated scores on personality impulsiveness measures and superior cognitive-flexibility performance. We conclude that entrepreneurs and managers do equally well when asked to perform cold decision-making tasks, but differences emerge in the context of risky or emotional decisions"
"... the entrepreneurs (mean age 51) are comparable to the young adults aged 17–27, whereas the managers (mean age 50.5) resemble their age-appropriate group" [with respect to risk tolerance]
"There are courses that teach the 'know-how' of entrepreneurship and, within this, teach how to mitigate risk through extensive business planning and market research. Yet given this new evidence, courses teaching the opposite — risk-tolerance in both behaviour and personality — may also be desirable"