This indeed puts me in a conundrum: If I answer anything but p=0, I’m giving a kind of weighting factor that destroys the supposedly strict separation between tiers.
Even that would be equivalent to an expected utility maximizer using just real numbers, except that there’s a well-defined tie-breaker to be used when two different possible decisions would have the exact same expected utility.
Well, you could always play with some fun math…
Even that would be equivalent to an expected utility maximizer using just real numbers, except that there’s a well-defined tie-breaker to be used when two different possible decisions would have the exact same expected utility.
How often do two options have precisely the same expected utility? Not often, I’m guessing. Especially in the real world.
I guess almost never (in the mathematical sense). OTOH, in the real world the difference is often so tiny that it’s hard to tell its sign—but then, the thing to do is gather more information or flip a coin.