I get what you are saying. You have convinced me that the following two statements are contradictory:
Axiom of Independence: preferring A to B implies preferring ApC to BpC for any p and C.
The variance and higher moments of utility matter, not just the expected value.
My confusion is that it intuitively it seems both must be true for a rational agent but I guess my intuition is just wrong.
Thanks for your comments, they were very illuminating.
Really fantastic primer! I have been meaning to learn more about DeFi and this was a perfect intro.
Does anybody know, for someone who wants to learn more, not just on the investing/trading side but on the development of smart contracts, what are good resources, other than the many links in the article?
Are there good books on the topic? Or tutorials?
What about subreddits or discord servers? People to follow on twitter?