Lorem Ipsum
Typographers have been using a particular section of mock text to try out their layouts for some centuries now. It begins “Lorem ipsum dolor sit amet…” I always thought it was random mock Latin, but it appears that it is in fact badly degenerated excerpts from Cicero’s De Finibus et Malorum, sections 1.10.32 and 1.10.33. I particularly enjoyed these lines:
Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem.
No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure.
Comments
So, excuse my paraphrasing here, some people prefer not to pursue the pleasure because it might lead to pain and some others are willing to go through the pain because it might lead to pleasure.
I suppose it depends on whether you are risk-averse, risk-loving or risk-neutral. And also, the degree of risk-aversion or risk-lovingness.
Risk-averse people would always walk away from a fair bet (i.e. one where they stand to lose or gain the same amount) because the pleasure of gaining let’s say one extra pound, is less than the pain they would feel by losing a pound they own already. The more risk-averse you are, the more pain you experience from the negative outcome and the less pleasure you get from positive outcome.
Risk-neutral people wouldn’t care either way.
Risk-lovers would always accept a fair gamble (equal probability of pain and pleasure) and they would go as far as to accept an unfair gamble too (i.e. the certainty of pain with very low probability of future pleasure).