Repeated update notification for 1.0.47 (Windows 7)

I repeatedly get a dialog telling me that I should upgrade form 1.0.45 to 1.0.47. When I click "Apply", the window goes away until I get an installer window where I can pick "Repair", "Uninstall", "Close". When selecting "Repair", something happens regarding .NET framework 4, then keybase appears to be updated, I can close the resulting window, and then the "1.0.45 is outdated" thing appears again after some time. This is getting slightly annoying. Is there any solution besides a full reinstall?

No source file, test, or entry point is identified in the issue. Start by reproducing the repeated 1.0.45-to-1.0.47 update flow on Windows 7, then trace the installer and update-notification behavior; done means the client updates successfully without showing the outdated-version dialog again.

Written by the indexing model from the issue text.