Great post! I think it would have been even better if you gave a short of explanation of what the independence axiom is somewhere at the beginning. I only felt like I have some understanding of it when I reached this part (which is almost halfway through the post):
context-dependence of the utility function is precisely what the independence axiom forbids, because independence says your preference between sub-gambles should not depend on what else is in the package.
Great post! I think it would have been even better if you gave a short of explanation of what the independence axiom is somewhere at the beginning. I only felt like I have some understanding of it when I reached this part (which is almost halfway through the post):
Thanks, I will add a note about it!