Robin Hanson writes about rank linear utility. This formalism asserts that we value options by their rank in a list of options available at any one time, making it impossible to construct a coherent classical utility function.
Yeah, that was my first link in the comment. :-) Still good that you summarized it, though, since not everyone's going to click on the link.
Previous Open Thread
You know the drill - If it's worth saying, but not worth its own post (even in Discussion), then it goes here.
Notes for future OT posters:
1. Please add the 'open_thread' tag.
2. Check if there is an active Open Thread before posting a new one.
3. Open Threads should start on Monday, and end on Sunday.
4. Open Threads should be posted in Discussion, and not Main.