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Inverse View
It is not the case that If an agent is averse to risk, the risk generated by a risky act must be included in each of that act's possible outcomes
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Reasons For
2 perspectives
Reason for 1 of 2
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1.
Risk aversion is already captured in the shape of an agent's utility function over outcomes, not in the outcomes themselves.
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2.
Folding risk into outcomes double-counts aversion already expressed by diminishing marginal utility, violating von Neumann-Morgenstern axioms.
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3.
Jeffrey's evidential decision theory treats desirability as defined over propositions, leaving no coherent slot for risk as a separable outcome component.
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Reason for 2 of 2
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1.
Savage's framework strictly separates states, acts, and consequences, and risk is a feature of the act-state mapping, not of consequences.
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2.
Treating risk as an outcome component conflates the epistemic status of uncertainty with the metaphysical content of what actually obtains, a category error Luce and Raiffa's 1957 analysis explicitly warns against.
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Reasons Against
1 perspective
Reason against
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1.
Risk aversion is a relevant consideration for an agent's utility
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2.
The expected-utility principle requires all relevant considerations to be included in outcomes
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3.
Including risk in an outcome tends to lower that outcome's utility
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