Nick_Tarleton comments on The Allais Paradox - Less Wrong
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Comments (133)
You can define a utility function on gambles that is *not* the expected value of a utility function on amounts of money, but then that function is not *expected* utility, and you're outside of normal models of risk aversion, and you're violating rationality axioms like the one Eliezer gave in the OP.
Having a utility function determined by anything other than amounts of money is irrational? WTF?