Money-pump arguments / Johan E. Gustafsson.

By:

Gustafsson, Johan E [author.]

Material type: Text

TextSeries: Cambridge elements. Elements in decision theory and philosophy,Publisher: Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2022Description: 1 online resource (93 pages) : digital, PDF file(s)Content type:

text

Media type:

computer

Carrier type:

online resource

ISBN:

9781108754750 (ebook)

Subject(s):

Additional physical formats: Print version: : No titleDDC classification:

121/.6 23/eng/20220912

LOC classification:

BD184 .G87 2022

Online resources:

Click here to access online

Contents:

Money-pump arguments -- Acyclicity -- Completeness -- Transitivity -- Independence -- Continuity -- Against resolute choice -- Against infinite money pumps.

Summary: Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.

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Money-pump arguments -- Acyclicity -- Completeness -- Transitivity -- Independence -- Continuity -- Against resolute choice -- Against infinite money pumps.

Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.

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