The issue comes down to how do you formally take into account uncertainty. This is actually fairly straightforward. For those of you with a physics background this is done with the canonical expression of the Helmholtz free energy:
F = U - TS
Where U is the utility, T is the temperature and S is the entropy.
What you are doing is being Maxwell’s demon. You are trying to maximize your Helmholtz free energy. So what you need to consider is your knowledge of the distribution of outcomes (the hard part) and market volatility. This will inform which set of positions you will take.
For the record, this relationship is derived directly from the axioms underpinning game theory.
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