My teacher asked us which of these gambles do you prefer:
$g_1=£500,000$
$g_2=0.1£2,500,000 \oplus 0.89£500,000 \oplus 0.01£0$
The EMV for each gamble is £500,000 and £695,000 respectively, indicating to me that $g_2$ is better. However my teacher said that for large amount of money, expected monetary value is not a plausible utility. Why is this?