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TimFreeman comments on St. Petersburg Mugging Implies You Have Bounded Utility - Less Wrong
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That article is paywalled. It was published in 2003. Hajek's entry about Pascal's Wager in the Stanford Encylopedia of Philosophy is free and was substantively revised (hopefully by Hajek) in 2008, so there's a good chance the latter contains all the good ideas in the former and is easier to get to. The latter does mention the idea that utilities should be bounded, and many other things potentially wrong with Pascal's wager. There's no neat list of four items that looks like an obvious match to the title of the paywalled article.
You can find it here though.
Thanks for the pointer to a free version of Hajek's "Waging War on Pascal's Wager" paper. One of his alternative formulations uses surreal numbers for utilities, much to my surprise.
The main thrust is that either the utility of Heaven isn't the best possible thing, or it is the best possible thing and a mixed strategy of betting on heaven with probability p and betting on nothing with probability 1-p also gives infinite utility, for positive p. Thus, if Heaven is the best possible thing, Pascal's Wager doesn't rule out mixed strategies.
If someone could check my math here -- I don't think surreal numbers let you assign a utility to the St. Petersburg paradox. The expected utility received at each step is 1, so the total utility is 1 + 1 + 1 + ... . Suppose that sum is X. Then X + 1 = X. This is not true for any surreal number, right?