Re: To hedgers: Adding insult to injury
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First, reference dependent preferences are a descriptive tool for explaining the actions of apparently irrational agents, not a normative tool for saying how rational advantage gamblers should behave.
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Yep. You're basically telling people that their utility functions are "wrong." You're advancing a "HEDGERS ARE ALL PU$$IES!!11!" argument and dressing it up in academic-sounding language.
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