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Separating cheap talk from truly held beliefs

Written by Michael Giberson on November 26, 2007 — 2 Comments

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In his book, Plight of the Fortune Tellers, Riccardo Rebonato describes how an invitation to bet can be used to separate cheap talk from truly held beliefs (and, in the process, ruin an otherwise engaging dinner conversation).
In the early to mid 1990s in the United Kingdom and in other European countries a widespread fear developed [...]

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