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Vaniver comments on A fungibility theorem - Less Wrong
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Simple risk aversion can be captured in the mapping of results to reals. Prospect-theory style risk aversion, whereby small probabilities are inflated, can't be, but that's a feature, not a bug.
Thrill seeking- in the sense of deriving value from results being determined by randomness- does not seem like it can be fit into a VNM framework. That's a failing descriptively, but I'm not sure it's a failing prescriptively.