Robin is correct. Here is an accessible explanation. Suppose you first give $1 to MIRI because you believe MIRI is the charity with the highest marginal utility in donations right now. The only reason you would then give the next $1 in your charity budget to anyone other than MIRI would be that MIRI is no longer the highest marginal utility charity. In other words, you’d have to believe that your first donation made a dent into the FAI problem, and hence lowered the marginal utility of a MIRI dollar by enough to make another charity come out on top. But your individual contributions can’t make any such dent.
Some sensible reasons for splitting donations involve donations at different times (changes in room for more funding, etc.) and donations that are highly correlated with many other people’s donations (e.g. the people giving to GiveWell top charities) and might therefore actually make dents.
No, I’m not relying on that assumption, though I admit I was not clear about this. The argument goes through perfectly well if we consider expected marginal utilities.
Investors are risk-averse because not-too-unlikely scenarios can affect your wealth sufficiently enough to make the concavity of your utility function over wealth matter. For FAI or world poverty, none of your donations at a given time will make enough of a dent.
I think the countervailing intuition comes from two sources: 1) Even when instructed about the definition of utility, certainty equivalents of gambles, and so on, people have a persistent intuition that utility has declining marginal utility. 2) We care not only about poor people being made better off (where our donations can’t make a dent) but also about creating a feeling of moral satisfaction within ourselves (where donations to a particular cause can satiate that feeling, leading us to want to help some other folks, or cute puppies).