An assumption here that needs to be abandoned in order to have an accurate descriptive model of human decision making is that people have a single consistent utility function, which is defined in terms of the amount of money that they have.
That wasn’t an assumption to be abandoned, that was the beginning of a proof by contradiction.
No disagreement; that was just sloppy wording on my part. Edited. My comment is basically just repeating the argument in the original post, with less math and different emphasis.
That wasn’t an assumption to be abandoned, that was the beginning of a proof by contradiction.
No disagreement; that was just sloppy wording on my part. Edited. My comment is basically just repeating the argument in the original post, with less math and different emphasis.