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taw comments on Morality is not about willpower - Less Wrong
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Models relying on expected utility make extremely strong assumption about treatment of probabilities with utility being strictly linear in probability, and these assumptions can be very easily demonstrated to be wrong.
They also make assumptions that many situations are equivalent (pay $50 for 50% chance to win $100 vs accept $50 for 50% chance of losing $100) where all experiments show otherwise.
Utility theory without these assumptions predicts nothing whatsoever.