I am skeptical that it will be possible to salvage any nice VNM-like theorem here that makes it all the way to concavity. It seems like the jump necessary to fix this counterexample will be hard to express in terms of only a preference relation.
I am skeptical that it will be possible to salvage any nice VNM-like theorem here that makes it all the way to concavity. It seems like the jump necessary to fix this counterexample will be hard to express in terms of only a preference relation.