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Tommi_Pajala comments on Iterated Gambles and Expected Utility Theory - Less Wrong Discussion
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Like GuySrinivasan said, it depends on the stakes. With the numbers you have, I'd take the risky bet based on the higher expected utility.
Why I should choose the risky option every time seems intuitive: even though I don't expect to face the exactly same problem very often, life in general consists of many gambles. And the sum of those decisions is going to be higher with the risky option chosen consistently every time.