Agreed. “Your utility function should be bounded, otherwise you could be Pascal-mugged” sounds no less cogent than “Your preferences should satisfy the VNM axioms (i.e. you should have a utility function) otherwise you could be Dutch-booked”.
Agreed. “Your utility function should be bounded, otherwise you could be Pascal-mugged” sounds no less cogent than “Your preferences should satisfy the VNM axioms (i.e. you should have a utility function) otherwise you could be Dutch-booked”.