[tensor_rank_0]

So Taleb says the function that controls how you spend your money is a path function and you say that it is a state function. does anyone know how this could be tested? or does anyone have any good gedankenexperiments to illustrate the difference that they would like to share?

[OscarCunningham]

I'm not claiming that they will make the same bets, just that it would be in their interest to do so.

[tensor_rank_0]

so the sunk cost fallacy is a similar case. rationally, a budget is a state function, but people tend to think of it as a path function. thanks for explaining.