I think defenses of the subject’s choices by recourse to nonmonetary values is missing the point. Anything can be rational with a sufficiently weird utility function. The question is, if subjects understood the decision theory behind the problem, would they still make the same choice? After seeing a valid argument that your preferences make you a money pump, you certainly could persist in your original judgment, by insisting that your feelings make your first judgment the right one.
I think defenses of the subject’s choices by recourse to nonmonetary values is missing the point. Anything can be rational with a sufficiently weird utility function. The question is, if subjects understood the decision theory behind the problem, would they still make the same choice? After seeing a valid argument that your preferences make you a money pump, you certainly could persist in your original judgment, by insisting that your feelings make your first judgment the right one.
But seriously?---why?