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Stuart_Armstrong comments on Continuity axiom of vNM - Less Wrong Discussion
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incidentally, < independence isn't enough on its own either.
Pick a standard expected utility situation, with A<B for two pure outcomes A and B. Then arbitrarily set A=B.
< Independence is of the type "if smeu then blah". A=B is not a smeu, and will never appear as a blah.
EDIT: this violates transitivity, alas.