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Nornagest comments on Techniques for probability estimates - Less Wrong
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I wonder if there's a reasonably straightforward way to find a function for yourself such that your subjective utility is roughly linear over f($). That'd make the betting approach a lot more widely applicable.
log( (net worth + payoff) / net worth) times some constant seems like a good start, but I already see some possible flaws.
I believe there is a straightforward way: Consider bets on events with known probability!