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torekp comments on People neglect small probability events - Less Wrong
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Only one? (emphasis added to quotation)
My take on it is that at least one of the axioms, in each formalized utility theory of the usual stripe, is rationally non-binding. See Wei_Dai2's response to the Allais Paradox thread, for an example of one suspect, the Axiom of Independence in Von Neumann-Morgenstern utility theory.