On of the failings of decision theory is our &#x27;utility functions&#x27; are not necessarily static.  The most obvious case being people don&#x27;t necessarily order the same thing every time they go to a restaurant.<p>Arguably you could model this with hidden variables. So: A mathematician might go to vegas and spend 1,000$ gamboling with the expectation that they will lose that money.  With novelty being the reason that becomes a reasonable trade-off.<p>In that context maximizing expected utility becomes hard because you can&#x27;t accurately model your utility function.