http://barrdear.com/john/2010/01/27/people-are-not-rational-maximisers-of-von-neumann-morgenstern-utility/ Tue, 22 May 2012 22:31:28 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://barrdear.com/john/2010/01/27/people-are-not-rational-maximisers-of-von-neumann-morgenstern-utility/comment-page-1/#comment-2812 Economic Scientist Tue, 09 Feb 2010 18:52:20 +0000 http://barrdear.com/john/?p=955#comment-2812 Bad example -- nothing to do with violations of von Neumann-Morgenstern axioms. People may simply lose utility when they lie, whether or not they can be caught. Expected utility still applies and people are fully rational, it is just that you failed to measure their utility properly. Bad example — nothing to do with violations of von Neumann-Morgenstern axioms. People may simply lose utility when they lie, whether or not they can be caught. Expected utility still applies and people are fully rational, it is just that you failed to measure their utility properly.

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