But “Would you pay a penny to avoid scenario X?” in no way means “Would you sacrifice a utilon to avoid scenario X?” (the latter is meaningless, since utilons are abstractions subject to arbitrary rescaling). The meaningful rephrasing of the penny question in terms of utilons is “Ceteris paribus, would you get more utilons if X happens, or if you lose a penny and X doesn’t happen?” (which is just roundabout way of asking which you prefer). And this is unobjectionable as a way of testing whether you have really a preference and getting a vague handle on how strong it is.
I would prefer if people avoided the word “utilon” altogether (and also “utility” outside of formal decision theory contexts) because there is an inevitable tendency to reify these terms and start using them in meaningless ways. But again, nothing special about money here.
But “Would you pay a penny to avoid scenario X?” in no way means “Would you sacrifice a utilon to avoid scenario X?” (the latter is meaningless, since utilons are abstractions subject to arbitrary rescaling). The meaningful rephrasing of the penny question in terms of utilons is “Ceteris paribus, would you get more utilons if X happens, or if you lose a penny and X doesn’t happen?” (which is just roundabout way of asking which you prefer). And this is unobjectionable as a way of testing whether you have really a preference and getting a vague handle on how strong it is.
I would prefer if people avoided the word “utilon” altogether (and also “utility” outside of formal decision theory contexts) because there is an inevitable tendency to reify these terms and start using them in meaningless ways. But again, nothing special about money here.
Seconded. But then we would also need to avoid using language that sneaks disguised utilons into the conversation.