Similar gripe I have: utility≠money in any fashion. You can have non-differentiable utility out of money. You can value only prime-numbered amounts of money. Your utility function can be negative in money.
Under vNM, utility need only be linear in probability, nothing else.
Similar gripe I have: utility≠money in any fashion. You can have non-differentiable utility out of money. You can value only prime-numbered amounts of money. Your utility function can be negative in money.
Under vNM, utility need only be linear in probability, nothing else.