000 02389nam a2200409 i 4500
001 CR9781108754750
003 UkCbUP
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020 _a9781108754750 (ebook)
020 _z9781108718950 (paperback)
040 _aUkCbUP
_beng
_erda
_cUkCbUP
050 0 0 _aBD184
_b.G87 2022
082 0 0 _a121/.6
_223/eng/20220912
100 1 _aGustafsson, Johan E.,
_eauthor.
245 1 0 _aMoney-pump arguments /
_cJohan E. Gustafsson.
264 1 _aCambridge, United Kingdom ; New York, NY :
_bCambridge University Press,
_c2022.
300 _a1 online resource (93 pages) :
_bdigital, PDF file(s).
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
490 1 _aCambridge elements. Elements in decision theory and philosophy,
_x2517-4827
500 _aTitle from publisher's bibliographic system (viewed on 26 Sep 2022).
506 0 _aOpen Access.
_fUnrestricted online access
_2star
505 0 _aMoney-pump arguments -- Acyclicity -- Completeness -- Transitivity -- Independence -- Continuity -- Against resolute choice -- Against infinite money pumps.
520 _aSuppose 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.
650 0 _aDecision making.
650 0 _aRevealed preference theory.
650 0 _aUtility theory.
650 0 _aPractical reason.
650 0 _aLogic, Symbolic and mathematical.
776 0 8 _iPrint version:
_z9781108718950
830 0 _aCambridge elements.
_pElements in decision theory and philosophy,
_x2517-4827.
856 4 0 _uhttps://doi.org/10.1017/9781108754750
999 _c38240
_d38240