Sometimes these collapses happen. Ole Peters and Murray Gell-Mann have a 2016 paper about a mistake in Expected Utility Theory, which they track down to a mistake in a Bernoulli paper from 1738.

I'm an outsider looking in, but it sure looks like much of that entire field is in serious trouble. There's a post on this here: https://ergodicityeconomics.com/2018/02/16/the-trouble-with-bernoulli-1738/