Watching the purchasing process that buyers undertake when they are at yearling sales is as much an observation of human prejudice and paranoia as it is of true risk/loss aversion. A lot of time and effort at a yearling sale is spent by yearling buyers discussing the qualitative merit of one yearling, comparing one yearling to another or one yearling by one sire compared to another, with little quantitative basis for such comparison to be undertaken in the first place. Think