“People will pay you,” as in different people, true, but I really doubt that you can get the same person to keep paying you over and over through many cycles. They will remember the history, and that will affect their later behavior.
My cards on the table: Allais was right. The collection of VNM axioms, taken as a whole, is rationally non-binding.
“People will pay you,” as in different people, true, but I really doubt that you can get the same person to keep paying you over and over through many cycles. They will remember the history, and that will affect their later behavior.
My cards on the table: Allais was right. The collection of VNM axioms, taken as a whole, is rationally non-binding.