The way around Pascal's mugging is to have a bounded utility function. Even if you are a paperclip-maximizer, your utility function is not the number of paperclips in the universe, it is some bounded function that is monotonic in the number of paperclips but asymptotes out. You are only linear in paperclips over small numbers of paperclips. This is not due to exponential discounting but because utility doesn't mean anything other than the function that we are maximizing the expected value of. It has an unfortunate namespace collision with the other utility, which is some intuitive quantification of our preferences that is probably closer to something like a description of the trades we would be willing to make. If you are unwilling to be mugged by Pascal's mugger then it simply follows as a mathematical fact that your utility is bounded by something on the order of the reciprocal of the probability that you would be un-muggable at.

For more of a description, see my post here, which originally got downvoted to oblivion because it argued from the position of a lack of knowledge of the VNM utility theorem. The post has since been fixed, and while it is not super-detailed, lays out an argument for why Pascal's mugging is resolved once we stop trying to make our utility functions look intuitive.

Incidentally, Pascal's mugging does lay out a good argument of why we need to be careful about an AGI's utility function; if we make it unbounded then we can get weird behavior indeed.

EDIT: Of course, perhaps I am still wrong somehow and there are unresolvable subtleties that I am missing. But I, at least, am simply unwilling to care about events occurring with probability 10^(-100), regardless of how bad they are.