of X's intransitive preferences. Economists usually argue that people with preferences like X's will have all their wealth taken from them in the market. If this is the case, we won't observe preferences with intransitivities or other features that allow people to be Dutch-booked. However, if people are somewhat sophisticated about their intransitivities and/or if competition by arbitrageurs drives epsilon to zero, non-"standard" preferences may still be observable. See also Arbitrage betting Bayesian epistemology Cobra effect Coherence (philosophical gambling strategy) Dutching Mathematics of bookmaking Footnotes References External links Dutch Book Arguments in the Stanford Encyclopedia of Philosophy. Probabilities as Betting Odds, report by C. Caves. Notes on the Dutch Book Argument, by D. A. Freedman. Applied probability Consumer theory Wagering