Finally I read your link. So the main argument is that there is a preference between different probability distributions over utility, even if expected utility is the same. This is intuitively understandable, but I find it lacking specificity.
I propose the following three step experiment. First a human chooses a distribution X from two choices (X=A or X=B). Then we randomly draw a number P from the selected distribution X, then we try to win 1$ with probability P (and 0$ otherwise, which I’ll ignore by setting u(0$)=0, because I can). Here you can plot X as a distribution over expected utility, which equals P times u(1$). The claim is that some distributions X are more preferable to others, despite what pure utility calculations say. I.e. Eu(A) > Eu(B), but a human would choose B over A and would not be irrational. Do you agree that this experiment accurately represents Dawes claim?
Naturally, I find the argument bad. The double lottery can be easily collapsed into a single lottery, the final probabilities can be easily computed (which is what Eu does). If P(win 1$ | A) = P(win 1$ | B) then you’re free to make either choice, but if P(win 1$ | A) > P(win 1$ | B) even by a hair, and you choose B, you’re being irrational. Note that the choices of 0$ and 1$ as the prizes are completely arbitrary.
I’m afraid that the moderation policy on this site does not permit me to do so effectively
Are you referring to that one moderation note? I think you’re overreacting.
Finally I read your link. So the main argument is that there is a preference between different probability distributions over utility, even if expected utility is the same. This is intuitively understandable, but I find it lacking specificity.
I propose the following three step experiment. First a human chooses a distribution X from two choices (X=A or X=B). Then we randomly draw a number P from the selected distribution X, then we try to win 1$ with probability P (and 0$ otherwise, which I’ll ignore by setting u(0$)=0, because I can). Here you can plot X as a distribution over expected utility, which equals P times u(1$). The claim is that some distributions X are more preferable to others, despite what pure utility calculations say. I.e. Eu(A) > Eu(B), but a human would choose B over A and would not be irrational. Do you agree that this experiment accurately represents Dawes claim?
Naturally, I find the argument bad. The double lottery can be easily collapsed into a single lottery, the final probabilities can be easily computed (which is what Eu does). If P(win 1$ | A) = P(win 1$ | B) then you’re free to make either choice, but if P(win 1$ | A) > P(win 1$ | B) even by a hair, and you choose B, you’re being irrational. Note that the choices of 0$ and 1$ as the prizes are completely arbitrary.
Are you referring to that one moderation note? I think you’re overreacting.
I would love to respond to your comment, and will certainly do so, but not here. Let me know what other venue you prefer.
I’m afraid not.