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torekp comments on People neglect small probability events - Less Wrong
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Hmm. On further reflection, I now think I was wrong. Maybe Baez translates "utility" as something like "disability-adjusted life years saved." And then he has a nonlinear function from DALYs saved to utility-in-the-technical-sense. Voila, risk aversion (for gambles on DALYs) makes sense.
This is roughly what I was thinking, though you have expressed it much more clearly than I did.