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RobinZ comments on Expected utility without the independence axiom - Less Wrong
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I prefer B to A does not imply I prefer 10B to 10A, or even I prefer 2B to 2A. Expected utility != expected return.
I agree pretty much completely with Silas. If you want to prove that people are money pumps, you need to actually get a random sample of people and then actually pump money out of them. You can't just take a single-shot hypothetical and extrapolate to other hypotheticals when the whole issue is how people deal with the variability of returns.
Strictly speaking, Eliezer's formulation of the Allais Paradox is not the one that has been experimentally tested. I believe a similar money pump can be implemented for the canonical version, however -- and Zut Allais! shows that people can be turned into money pumps in other situations.