There are some special cases. If someone thinks his life is worthless if he doesn’t have something that could be bought or done with a $1,000,000, then the gamble could be justified. The thing that he buys pumps up the utility so much that it’s more than thousands times the utility of $1000. But this is probably a really rare case.
There are some special cases. If someone thinks his life is worthless if he doesn’t have something that could be bought or done with a $1,000,000, then the gamble could be justified. The thing that he buys pumps up the utility so much that it’s more than thousands times the utility of $1000. But this is probably a really rare case.
Medical issues that make life miserable but can be fixed with ~1M$ would be a (bit more concrete) example. Relatively rare, as you said.