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The argument also clearly falters over the additivity axiom, since even if an agent regards each of a set of bets as individually fair, they may not be collectively fair by her lights, so she need not evaluate the bets needed to produce a book as fair bets.
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For now, volatility looks a fair bet.
It is a fair bet that they are wrong now.
But it's at least a fair bet.
And it's a fair bet no one was home.
It's a fair bet Alex Neil will not make the same mistake.
It's a fair bet that women will outnumber men; even government statistics say so.
It is a fair bet that business, especially lending, will carry on booming.
So it is a fair bet that the ad will at least be there, too.
It is a fair bet that offshore power's capital cost will fall.
But it seemed a fair bet that none of them would try.
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