| Abstract: | 1.-The Impossibility Theorem rests on five fundamental properties. On each of them Machina has confirmed his agreement over and over again between 1984 and 1986. The proof of the Impossibility Theorem is mathematically and rigorously correct.2.- The alleged Machina's demonstration of the Allais' two errorsis indeed only grounded on a series of errors and it isin total contradiction with the interpretationsexplicitly given by Machina from 1982 to 1986 of his local utility theory in the discrete case, especially in his letters.3.1 In fact one cannot but ask if Machina really understands the meaning and the implications of his formulation of the local utility, and what is really in question.In any case it would he without any doubt eminently desirable that before hastily concluding that the others are making mistakes, Machina should begin by seriously asking himself if he is not himself into error. |
