Violating the Expected Utility Theorem

There are three main critiques against the expected utility theorem: the Allais paradox, the Robin's Calibration Theorem and the Ellsburg paradox. These critics argue that the differences in the size of the stakes, the probabilities and the willingness to seek certainty change our expectations. However, there are plenty more factors that could cause a violation against the EUT. However, the EUT has been useful to simplify problems. Therefore, when we can set up a strict control group and a treatment group, the EUT is still suitable. However, when doing a social survey, modelling should be more precise and we should create a model beyond the EUT.