Thaler's concept of 'mental accounting' as a fallacy (treating money won at a casino as different from one's initial endowment) is actually correct behavior for survival: treating house money as distinct and being more aggressive with it than with one's endowment is the only way to survive, so what is labeled a psychological 'disease' is rational under ergodic dynamics.
causalpending
Speaker
Nassim TalebEvidence Quote
“the only way to survive is if you treat that money you got from a casino as different money”
Created: 6/18/2026, 2:32:12 PM
My Notes
Loading notes...