2017-09-01

[unlisted] 514K views, 10.7K likes, 1.76K dislikes audio only

BrainCraft

This paradox could kill you.

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Watch more! Can You Solve This Dilemma? /youtube/video/9xHKxrc0PHg

The Allais Paradox undermines the theory of expected utility because it shows that we don't always make decisions that align with our wants and needs. So, would you prefer a higher chance of living, or a longer life? And then, which pills did you choose?

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BrainCraft was created by Vanessa Hill (@nessyhill) and is brought to you by PBS Digital Studios. Talking psychology, neuroscience & why we act the way we do.

This episode was written and animated by Jade Tan-Holmes https://www.youtube.com/channel/UCSIvk78tK2TiviLQn4fSHaw/

Produced, edited and hosted by Vanessa 🐨

References 📚

Oliver, A. (2003). A quantitative and qualitative test of the Allais paradox using health outcomes. Journal of Economic Psychology, 24(1), 35-48.

http://eprints.lse.ac.uk/155/1/AllaisParaJOEPsubmission.pdf?gathStatIcon=true

Allais, M. (1953). Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine. Econometrica, 21(4), 503-546. doi:10.2307/1907921

http://www.jstor.org/stable/1907921?origin=crossref&seq=1#page_scan_tab_contents

https://plato.stanford.edu/entries/rationality-normative-utility/

https://www.wired.com/2010/10/the-allais-paradox/