One way to approach the derivation of expected utility is to say that any outcome is equivalent (in the preference order) to some combination of the worst possible and the best possible outcomes. So, you pick your outcome, like [eating a pie], and say that there exists a probability P such that, say, the lottery P [life in eutopia] + (1-P) [torture and death] is as preferable. As it turns out, you can use that P as utility of your event.
So, yes, if there are no problems with the possibility to pay up on the promise, playing an incredibly risky lottery is the right thing to do. Just make sure that you calculated your odds and utility correctly, which becomes trickier and trickier as the values go extreme.
One way to approach the derivation of expected utility is to say that any outcome is equivalent (in the preference order) to some combination of the worst possible and the best possible outcomes. So, you pick your outcome, like [eating a pie], and say that there exists a probability P such that, say, the lottery P [life in eutopia] + (1-P) [torture and death] is as preferable. As it turns out, you can use that P as utility of your event.
So, yes, if there are no problems with the possibility to pay up on the promise, playing an incredibly risky lottery is the right thing to do. Just make sure that you calculated your odds and utility correctly, which becomes trickier and trickier as the values go extreme.