THE REAL FOUNDATIONS OF THE ALLEGED ERRORS IN ALLAIS IMPOSSIBILITY THEOREM - UNCEASINGLY REPEATED ERRORS OR CONTRADICTIONS OF MACHINA,MARK

The Impossibility Theorem rests on five fundamental properties. On eac h of them Machina has confirmed his agreement over and over again betw een 1984 and 1986. The proof of the Impossibility Theorem is mathemati cally and rigorously correct. The alleged Machina's demonstration of t he Allais' two errors is indeed only grounded on a series of errors an d it is in total contradiction with the interpretations explicitly giv en by Machina from 1982 to 1986 of his local utility theory in the dis crete case, especially in his letters. In fact one cannot but ask if M achina really understands the meaning and the implications of his form ulation of the local utility, and what is really in question. In any c ase it would be without any doubt eminently desirable that before hast ily concluding that the others are making mistakes, Machina should beg in by seriously asking himself if he is not himself into error.