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fool comments on The Ellsberg paradox and money pumps - Less Wrong
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I replied to Manfred with the Ellsberg example having 31 instead of 30 red balls. Does that count as different? If so, do I lose utility?
From Manfred's comments (with which I agree), it looks like yes, you lose utility by failing to buy a bet that has positive EV. You lose half as much if you flip a coin, because sometimes the coin is right...