I am criticising utility function maximization by assigning dollar values, which, by definition, involves real numbers. (well, … ok, in reality you wouldn’t bother to use irrational numbers)
What else did you have in mind? Remember, when you answer, that you had better keep the expected utility theorem in mind.
Using dollar values instead of utilons is indeed a bad idea. But regardless of that, we don’t need the numbers, we only need to guess which choice gives the highest number with whatever accuracy we can achieve given the resources at our disposal.
I am criticising utility function maximization by assigning dollar values, which, by definition, involves real numbers. (well, … ok, in reality you wouldn’t bother to use irrational numbers)
What else did you have in mind? Remember, when you answer, that you had better keep the expected utility theorem in mind.
Using dollar values instead of utilons is indeed a bad idea. But regardless of that, we don’t need the numbers, we only need to guess which choice gives the highest number with whatever accuracy we can achieve given the resources at our disposal.