More Decision Theory
The other reason I rely on the decision-making power of serendipity, I never knew until I started studying the economics of uncertainty. It seems that in order to make a rational decision, I need to determine how my preferences behave in relation to statements like:
If a lottery with a 1/2 chance of winning a monkey and a 1/2 chance of winning a boat is strictly preferred to a lottery with a 1/3 chance of winning a goat and a 2/3 chance of winning a date with Pauly Shore, then a lottery with a 1/3 chance of winning a monkey and a 2/3 chance of winning a goat should be strictly preferred to a lottery with a 1/2 chance of winning a boat and a 1/2 chance of winning a date with Pauly Shore, if and only if the subject's utility function satisfies axioms (i), (iii) and (iv) of theorem 6.B.9 (the Yucky-Shore sexual preference theorem for rational preference relations).
Even after proving the Yucky-Shore sexual preference theorem for monotonic functions on (Ω, XXX), I am able to verify neither independence nor continuity, and my indifference curves are curvier than Marilyn Monroe.
I wish I could take economics without all the measure theory. I hate this class.