The post doesn’t deny that the utility function is concave, but it says it can’t reasonable be that much concave as needed to explain rejecting +55/-50 even odds bet with 15,000 on the gambler’s account.
The post doesn’t deny that the utility function is concave, but it says it can’t reasonable be that much concave as needed to explain rejecting +55/-50 even odds bet with 15,000 on the gambler’s account.