I don’t think that Pascal’s mugging it’s just a scenario where the expected payoff contains a small probability multiplied by an utility large in absolute value.
I think it is better to use the term “Pascal’s mugging”, or perhaps “Pascal scam” to describe a scenario where, in addition to the probabilities and the utilities being extreme, there is also lots of “Knightian” (= difficult to formalize) uncertainty about them.
I don’t think that Pascal’s mugging it’s just a scenario where the expected payoff contains a small probability multiplied by an utility large in absolute value.
I think it is better to use the term “Pascal’s mugging”, or perhaps “Pascal scam” to describe a scenario where, in addition to the probabilities and the utilities being extreme, there is also lots of “Knightian” (= difficult to formalize) uncertainty about them.