>Edit: but yes, human behavior (often) doesn't satisfy von Neumann-Morgenstern utility axioms (the coherence conditions for scale-free origin-free utility funct

>Edit: but yes, human behavior (often) doesn't satisfy von Neumann-Morgenstern utility axioms (the coherence conditions for scale-free origin-free utility functions as prefered by behavioral economics). In specific, the VNM axioms assume that preferences aren't over histories at all, but instead over states, which severely constrains the kind of outcome-generating process they allow an agent to care about. They effectively state, "only the end-point matters, not the trajectory". This doesn't really make sense for humans in the first place, since we're made of meat and need to do things like eat and sleep cyclically. What it does make sense for is bank accounts, which is why economists think it makes sense.