Indeed; but I can still money pump you for cyclic preferences if I’m the only trader around, and I only offer you the pure lotteries p, q and r rather than convex combinations. And if you never change your preferences after you realise what I’m doing...
Restrictive conditions, to be sure, but mathematically you can’t escape. The fact that you generally do escape implies that something else is going on than your simple preferences.
Indeed; but I can still money pump you for cyclic preferences if I’m the only trader around, and I only offer you the pure lotteries p, q and r rather than convex combinations. And if you never change your preferences after you realise what I’m doing...
Restrictive conditions, to be sure, but mathematically you can’t escape. The fact that you generally do escape implies that something else is going on than your simple preferences.