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RolfAndreassen comments on Post retracted: If you follow expected utility, expect to be money-pumped - Less Wrong
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The nature of the pump is not clear to me. What is the repeated action referred to by the ambiguous "this"? If it involves buying L from me at prices lower than the expected value $1.5, it runs into the difficulty of where I'm getting this infinite supply of lotteries to sell you.
Upvoted, because that is indeed a problem. With a utility concave in cash, unless you happen to have an infinity of lottery tickets to hand, you cannot be money pumped in this way.
You can, however, be exploited because of your inability to correctly price dependent contracts.
You make your own lottery tickets.