bgaesop comments on Circular Altruism - Less Wrong
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In particular, VNM connects utility with probability, so we can use an argument based on probability.
One person gaining N utility should be equally good no matter who it is, if utility is properly calibrated person-to-person.
One person gaining N utility should be equally good as one randomly selected person out of N people gaining N utility.
Now we analyze it from each person's perspective. They each have a 1/N chance of gaining N utility. This is 1 unit of expected utility, so they find it as good as surely gaining one unit of utility.
If they're all indifferent between one person gaining N and everyone gaining 1, who's to disagree?