If utility theory doesn’t work, then what does? One alternative is prospect theory, developed by the author. Kahneman’s prospect theory challenges utility theory by showing that when we make choices, we don’t always act in the most rational way. Imagine these two scenarios for example: In the first scenario, you’re given $1,000 and then must choose […]
The Buddha taught that there are three principal characteristics of human existence: impermanence, egolessness and suffering (or dissatisfaction). The lives of all beings are marked by these 3 qualities. Recognising these qualities to be real and true in our own experience helps us to relax with things as they are. I feel gratitude to the […]