“It is convenient to distinguish the two vantage points by which an actor judges his action as ex ante and ex post. Ex ante, then, he will always take the most advantageous course of action, and will always have a psychic profit, with revenue exceeding cost. Ex post, he may have profited or lost from a course of action. It is clear that his ex post judgments are mainly useful to him in the weighing of his ex ante considerations for future action.”
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- 13-1a3a1a1 Only monetary income (or loss) can be observed and measured ex post—never psychic income (or loss)
- 13-1a3a1b All errors will be subjective without money
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