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ctgPi comments on Shut Up And Guess - Less Wrong
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For an exam where what matters is your grade relative to other test-takers, like the SAT, probably yes, but on an exam with a hard pass/fail threshold, the utility function is discontinuous (and therefore non-linear) around the threshold, so guessing might make a difference.
Ah, good point. I always forget 'get the highest score possible' isn't everyone's goal; presumably, some people would prefer 70% and 100% about equally in this case.