No physical measurement can be performed with infinite precision. This leaves
a loophole in the standard no-go arguments against non-contextual hidden
variables. All such arguments rely on choosing special sets of
quantum-mechanical observables with measurement outcomes that cannot be
simulated non-contextually. As a consequence, these arguments do not exclude
the hypothesis that the class of physical measurements in fact corresponds to a
dense subset of all theoretically possible measurements with outcomes and
quantum probabilities that \emph{can} be recovered from a non-contextual hidden
variable model. We show here by explicit construction that there are indeed
such non-contextual hidden variable models, both for projection valued and
positive operator valued measurements.Comment: 15 pages. Journal version. Only minor typo corrections from last
versio