With No Space Blanket:
1. Conduction -> environment => Personal Heat Loss via Conduction
2. Convection -> environment => Personal Heat Loss via Convection
3. Radiation -> environment => Personal Heat Loss via Radiation
With no Blanket you lose heat from 3/3 types of heat transfer
With Space Blanket IR Reflective Side In
1. Conduction -> Blanket -> environment => Personal Heat Loss via Conduction, blanket loss to environment via radiation, conduction, and convection.
2. Convection -> Blanket -> environment => Personal Heat Loss via Convection, blanket loss to environment via radiation, conduction, and convection.
3. Radiation -> Blanket reflects and absorbs no energy -> Person => No Personal Heat Loss via Radiation
With shiny side in you lose heat from 2/3 types of heat transfer, conduction and convection. The blanket loses heat to the environment from 3/3 types of heat transfer, so some of the heat it gets from you via conduction or convection is lost via radiation.
With Space Blanket IR Reflective Side Out
1. Conduction -> Blanket -> environment => Personal Heat Loss via Conduction, blanket loss to environment via conduction, and convection.
2. Convection -> Blanket -> environment => Personal Heat Loss via Convection, blanket loss to environment via conduction, and convection.
3. Radiation -> Blanket -> environment => Personal Heat Loss via Radiation, blanket loss to environment via conduction, and convection.
With shiny side out you lose heat from 3/3 types of heat transfer, but the blanket dumps the heat it got from you via radiation to the environment via conduction and convection
So with the reflective side out the blanket wont let out heat via radiation, but you still do. Since the blanket can still lose heat via conduction and convection, with the shiny side out there is still a pathway for the energy from personal radiation to escape to the environment. With shiny side in you are in theory blocking that pathway so that your body can only lose heat by conduction and convection.