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somervta comments on Open thread, August 19-25, 2013 - Less Wrong Discussion
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You could have undefined value, but it's not particularly intuitive, and I don't think anyone actually advocates it as a component of a consequentialist theory.
Whether, in real life, people actually do it is a different story. I mean, it's quite likely that humans violate the VNM model of rationality, but that could just be because we're not rational.