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On "Doubling down"

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Strawman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-10-07 11:09 PM
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On "Doubling down"
Edited on Wed Jan-10-07 11:11 PM by Strawman
Russert and the young guy (whose name I don't know) on Scarborough's panel both used that metaphor. There is an excellent, MUST READ article in Foreign Policy entitled "Why Hawks Win" (meaning why people are often more receptive to hawkish reasoning than reason would require) that perfectly describes this mentality:

"It is apparent that hawks often have the upper hand as decision makers wrestle with questions of war and peace. And those advantages do not disappear as soon as the first bullets have flown. As the strategic calculus shifts to territory won or lost and casualties suffered, a new idiosyncrasy in human decision making appears: our deep-seated aversion to cutting our losses. Imagine, for example, the choice between:

Option A: A sure loss of $890

Option B: A 90 percent chance to lose $1,000 and a 10 percent chance to lose nothing.

In this situation, a large majority of decision makers will prefer the gamble in Option B, even though the other choice is statistically superior. People prefer to avoid a certain loss in favor of a potential loss, even if they risk losing significantly more. When things are going badly in a conflict, the aversion to cutting one’s losses, often compounded by wishful thinking, is likely to dominate the calculus of the losing side. This brew of psychological factors tends to cause conflicts to endure long beyond the point where a reasonable observer would see the outcome as a near certainty. Many other factors pull in the same direction, notably the fact that for the leaders who have led their nation to the brink of defeat, the consequences of giving up will usually not be worse if the conflict is prolonged, even if they are worse for the citizens they lead."

http://www.foreignpolicy.com/story/cms.php?story_id=3660

That is precisely the distorted risk analysis Bush is engaging in.


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lapfog_1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-10-07 11:16 PM
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1. Poker players call it calculating "pot odds"
The good ones never take the short end of the odds, the poor ones always bet their "hunches" or "feelings".

Bush reminds me of ALL of the poor poker players that I've ever faced across the felt.
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