The aversion is different if it’s a loss or a gain, which shows that you can’t entirely fix to problem by renumbering the probabilities, but people are averse to loss either way.
Although that makes me wonder: does confidence change based on whether it’s modeled as a loss or a gain?
I think risk aversion means that people treat an event differently based on whether they model it with loss and gains.
The aversion is different if it’s a loss or a gain, which shows that you can’t entirely fix to problem by renumbering the probabilities, but people are averse to loss either way.
Although that makes me wonder: does confidence change based on whether it’s modeled as a loss or a gain?