How come these examples and subsequent narratives never mention the value of floors and diminishing returns? Is every life valued the same? If there was a monster or disease that will kill everyone in the world there is a floor involved. Choice 1 of saving 400 lives ensures that humanity continues (assuming 400 people are enough to re-populate the world). While have a 90% chance of saving 500 leaves 10% chance that humanity on earth ends. Would you agree that floors are important factors that do change the value of an optimal outcome when they are one time events? In other words the marginal utility of a life is diminishing in this example.
How come these examples and subsequent narratives never mention the value of floors and diminishing returns? Is every life valued the same? If there was a monster or disease that will kill everyone in the world there is a floor involved. Choice 1 of saving 400 lives ensures that humanity continues (assuming 400 people are enough to re-populate the world). While have a 90% chance of saving 500 leaves 10% chance that humanity on earth ends. Would you agree that floors are important factors that do change the value of an optimal outcome when they are one time events? In other words the marginal utility of a life is diminishing in this example.