Utility monster is a case of lack of time constraint on optimization problem and lack of robustness.
For example, the special "Felix" case ignores the case where said guy is stuck by gamma radiation and dies. Over time, the probability of that k or a bunch of other catastrophes ruinning the solution tends to 1.
Therefore, the best solution avoids the most known catastrophes and is updated as new possibilities of those are found. (Tontine lotto, anyone?) Minimax loss optimal. Maximin (maximizing gain without increasing base loss) could be decent as well. Deciding between the two is better left to wizards.
Online stochastic optimization is mathematical black magic anyway so far.
But then, satisfying humans is much easier given all the built in biases we have. Keeping things alive long term is much harder.
For example, the special "Felix" case ignores the case where said guy is stuck by gamma radiation and dies. Over time, the probability of that k or a bunch of other catastrophes ruinning the solution tends to 1.
Therefore, the best solution avoids the most known catastrophes and is updated as new possibilities of those are found. (Tontine lotto, anyone?) Minimax loss optimal. Maximin (maximizing gain without increasing base loss) could be decent as well. Deciding between the two is better left to wizards.
Online stochastic optimization is mathematical black magic anyway so far.
But then, satisfying humans is much easier given all the built in biases we have. Keeping things alive long term is much harder.