We have known about systematic violations of the expected utility
(EU) theory of choice for almost forty years, since Maurice Allais got
Jimmie Savage to violate his own "sure-thing principle" (or "independence
axiom") while making hypothetical choices over lunch in Paris.
Savage was victimized by some combination of wine and intuition. The
wine's effect is gone, but the intuition is not: devotion to EU sometimes
produces unappealing choices
