Stuart_Armstrong comments on Money pumping: the axiomatic approach - Less Wrong
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The name of the service is "insurance". This is a business in which customers repeatedly make bets that they wish they hadn't made in retrospect, but it still makes sense to make the bet ex ante.
Actually, for most insurances, it makes no sense to do the bet at any point. Aggregating the risk over your lifetime, you're better off not paying the insurance (this doesn't apply to insurance for major disasters).