If you have an unbounded utility function and a broad prior, then expected utility calculations don’t converge.
That is the core of what replying to zulu’s post made me think.
I won’t say too much more until I read up on more existent thoughts, but I as of now I strongly object to this
That said, most people report that they wouldn’t make the trade, from which we can conclude that their utility functions are bounded, and so we don’t even have to worry about any of this.
I neither think that the conclusion follows, nor that utility functions should ever be bounded. We need another way to model this.
That is the core of what replying to zulu’s post made me think.
I won’t say too much more until I read up on more existent thoughts, but I as of now I strongly object to this
I neither think that the conclusion follows, nor that utility functions should ever be bounded. We need another way to model this.