I was kind of thinking expected value. In principle, if you always go by expected value, in the long run you will end up maximizing your value. But this may not be the best move to make if you're low on resources, because with bad luck you'll run out of them and die even though you made the moves with the highest expected value.
However, your objection does make sense and Eby's reformulation of my theory is probably the superior one, now that I think about it.
To whom it may concern:
This thread is for the discussion of Less Wrong topics that have not appeared in recent posts. If a discussion gets unwieldy, celebrate by turning it into a top-level post.
(After the critical success of part II, and the strong box office sales of part III in spite of mixed reviews, will part IV finally see the June Open Thread jump the shark?)