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Good_Burning_Plastic comments on Iterated Gambles and Expected Utility Theory - Less Wrong
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Some of those conclusions are not as absurd as Rabin appears to believe; I think he's typical-minding. Most people will pick a 100% chance of $500 over a 15% chance of $1M.
Prior or posterior to the evidence provided by the other person's willingness to offer the bet? ;-)
Such as assuming that that person would also decline the bet even if they had 10 times as much money to start with? That doesn't sound like a particularly modest assumption.