DUTCH BOOKS ARGUMENTS AND LEARNING IN A NONEXPECTED UTILITY FRAMEWORK

If an individual follows maximin expected utility theory, then a smart outsider cannot in general, make a bet with him/her which is certain to win in a single time period. However, we show that, when there are many time periods this is possible in our model, unless the decisionma ker uses strategic behaviour. There are some exceptions, in particular for small deviations from expected utility profits may be less than t he transactions costs.