Suppose we’re in a universe where a fixed 99% of “odds in your favour” bets are scams where I always lose (even if we accept the proposal that the coin is actually fair). This isn’t reflective of the world we’re actually in, but it’s certainly consistent with some utility function. We can even assume that money has linear utility if you like.
Then I should reject the first bet and accept the second.
The claim is false.
Suppose we’re in a universe where a fixed 99% of “odds in your favour” bets are scams where I always lose (even if we accept the proposal that the coin is actually fair). This isn’t reflective of the world we’re actually in, but it’s certainly consistent with some utility function. We can even assume that money has linear utility if you like.
Then I should reject the first bet and accept the second.