Value and Unacceptable Risk: Temkin's Worries about Continuity Reconsidered
Consider a transitive value ordering of outcomes and lotteries on outcomes, which satisfies substitutivity of equivalents and obeys ‘continuity for easy cases’, i. e., allows compensating risks of small losses by chances of small improvements. Temkin (2001) has argued that such an ordering must also - rather counter-intuitively - allow chances of small improvements to compensate risks of huge loss
