Re: who has insurance?
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Because I'm picky about metaphors, I'd like to point out that while I know what you're trying to say, you should only make crying calls if they're +EV.
Really what's going on with insurance is that all dollars are not created equal. For most people, losing $100,000 is more than 1000 times as bad as losing $10 (in vague terms).
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Or in other terms, even though insurance is -EV in strictly fiscal terms, it is +EV in utility because a) humans are risk averse and b) money has a diminishing marginal utility (as does pretty much every good or service).
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