Very interesting observations. I woudln’t say the theorem is used to support his assumption because the assumptions don’t speak about utils but only about preference over possible outcomes and lotteries, but I see your point.
Actually the assumptions are implicitly saying that you are not rational if you don’t want to risk to get a 1′000′000′000′000$ debt with a small enough probability rather than losing 1 cent (this is strightforward from the archimedean property).
Very interesting observations. I woudln’t say the theorem is used to support his assumption because the assumptions don’t speak about utils but only about preference over possible outcomes and lotteries, but I see your point.
Actually the assumptions are implicitly saying that you are not rational if you don’t want to risk to get a 1′000′000′000′000$ debt with a small enough probability rather than losing 1 cent (this is strightforward from the archimedean property).