I don’t think you can determine preferences over outcomes from preferences over lotteries; or if you can, then it’s nowhere near as straightforward as multiplying by probabilities, etc. To put it another way, I don’t think preferences over lotteries represent preferences over outcomes in any meaningful way.
In what sense are preferences over lotteries less meaningful than preferences over pure outcomes?
I don’t think you can determine preferences over outcomes from preferences over lotteries; or if you can, then it’s nowhere near as straightforward as multiplying by probabilities, etc. To put it another way, I don’t think preferences over lotteries represent preferences over outcomes in any meaningful way.