Someone correct me if I’m wrong, but as I’ve typically framed it, “value” is just a variable (which could be utility, but could just be an input like money that does not directly/linearly translate to utility) whereas utility is directly the well-being.
Take a hyper-dramatic example, simplified for illustration:
Suppose you need to have $100 in order to pay for some kind of life-saving medicine, but you only have $50. Suppose however you can place a bet that gives you a 10% chance of doubling your money, and a 90% chance of losing it.
The expected value of the bet, in terms of money, is just $10, whereas the expected value of not betting is $50. But most people can see you should obviously take the bet because you care about expected utility, which with the bet is “10% chance I don’t die now” whereas without the bet it’s “0% chance I don’t die now.”
Someone correct me if I’m wrong, but as I’ve typically framed it, “value” is just a variable (which could be utility, but could just be an input like money that does not directly/linearly translate to utility) whereas utility is directly the well-being.
Take a hyper-dramatic example, simplified for illustration: Suppose you need to have $100 in order to pay for some kind of life-saving medicine, but you only have $50. Suppose however you can place a bet that gives you a 10% chance of doubling your money, and a 90% chance of losing it. The expected value of the bet, in terms of money, is just $10, whereas the expected value of not betting is $50. But most people can see you should obviously take the bet because you care about expected utility, which with the bet is “10% chance I don’t die now” whereas without the bet it’s “0% chance I don’t die now.”