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PeterS comments on Utility is unintuitive - Less Wrong
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In particular, which axiom should we reject, and why? It sounds like what jsteinhardt is saying is that Axiom 3, Continuity, shouldn't hold in certain extreme cases.
We have discussed this somewhat before: Academian on VNM-utility theory, and my favorite comment on the post.
Transitivity? In The Lifespan Dilemma, Eliezer presents a sequence (L_n) in which we are convinced L_n { L_(n+1) throughout, but for which we'd prefer even L_0 to L_n for some large but finite n.
I'm not convinced L_n { L_(n+1), but I don't seem to have his fixation with really big numbers.