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Not so. It can be throughly reasonable to make a choice that has lower expected value but has a distribution that fits your needs more closely.
by UncleMeat 4y ago
Not so. It can be throughly reasonable to make a choice that has lower expected value but has a distribution that fits your needs more closely.
- CrazyStat 4y agoIf one option doesn't fit your needs then it has lower utility.
- UncleMeat 4y agoThen this is worthless as a decision making system since your decisions will always already be the one that maximizes expected utility via this unknowable transformation.
- CrazyStat 4y agoNo, that doesn't follow. You might be acting in a short-sighted or impulsive way that doesn't maximize your utility. You can't just post-hoc declare that your true utility function is whatever would have led you to the decision you made.