If you don’t prefer 10% chance of 101 utilons to 100% chance of 10, then you can rescale your utility function (in a non-affine manner). I bet you’re thinking of 101 as “barely more than 10 times as much” of something that faces diminishing returns. Such diminishing returns should already be accounted for in your utility function.
I bet you’re thinking of 101 as “barely more than 10 times as much” of something that faces diminishing returns.
No. I’ve explained this in several of the other comments. That’s why I used the term “utility function”, to indicate that diminishing returns are already taken into account.
If you don’t prefer 10% chance of 101 utilons to 100% chance of 10, then you can rescale your utility function (in a non-affine manner). I bet you’re thinking of 101 as “barely more than 10 times as much” of something that faces diminishing returns. Such diminishing returns should already be accounted for in your utility function.
No. I’ve explained this in several of the other comments. That’s why I used the term “utility function”, to indicate that diminishing returns are already taken into account.