This is in contrast to Thornley’s rule, which does sometimes choose the bottom path of the money pump, which makes it impossible to represent as a EU maximizer. This seems like real incomplete preferences.
It seems incorrect to me to describe Peterson’s argument as formalizing the same counter-argument further (as you do in the paper), given how their proposals seem to have quite different properties and rely on different arguments.
I think I was wrong about this. I misinterpreted a comment made by Thornley, sorry! See here for details.
I think I was wrong about this. I misinterpreted a comment made by Thornley, sorry! See here for details.