Since utility functions are only unique up to affine transformation, I don’t know what to make of this comment. Do you have some sort of canonical representation in mind or something?
In the context of this thread, you can consider U(status quo) = 0 and U(status quo, but with one more dollar in my wallet) = 1. (OK, that makes +10000 an unreasonable estimate of the upper bound; pretend I said +1e9 instead.)
Since utility functions are only unique up to affine transformation, I don’t know what to make of this comment. Do you have some sort of canonical representation in mind or something?
In the context of this thread, you can consider U(status quo) = 0 and U(status quo, but with one more dollar in my wallet) = 1. (OK, that makes +10000 an unreasonable estimate of the upper bound; pretend I said +1e9 instead.)