Especially when it’s followed up with some assumption that of course revealed preferences obey vNM axioms, because otherwise people could be Dutch-booked! As if that was the worst consequence that could possibly happen, and as if things at least as bad don’t actually happen.
Yeah VNM is not supposed to be descriptive, it’s supposed to be prescriptive in the sense that if you’re not obeying VNM axioms, then in theory there’s some way you could change to obey them that would be in your interest in the sense that you would be less exploitable.
Especially when it’s followed up with some assumption that of course revealed preferences obey vNM axioms, because otherwise people could be Dutch-booked! As if that was the worst consequence that could possibly happen, and as if things at least as bad don’t actually happen.
Yeah VNM is not supposed to be descriptive, it’s supposed to be prescriptive in the sense that if you’re not obeying VNM axioms, then in theory there’s some way you could change to obey them that would be in your interest in the sense that you would be less exploitable.