Screen LibraryMoney-pump arguments /
"Suppose that you prefer A to B, B to C, and A to C. 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 t...
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| Main Authors: | |
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| Group Author: | |
| Published: |
Cambridge University Press,
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| Publisher Address: | Cambridge, United Kingdom : |
| Publication Dates: | 2022. |
| Literature type: | Book |
| Language: | English |
| Series: |
Cambridge elements. Elements in decision theory and philosophy,
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| Subjects: | |
| Summary: |
"Suppose that you prefer A to B, B to C, and A to C. 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 C, you are offered a trade back to A for a small cost. Since you prefer A to C, you pay the small sum to trade from C 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. The Element also defends money-pump arguments from the standard objections to this kind of approach"-- |
| Carrier Form: | 93 pages : illustrations ; 23 cm. |
| Bibliography: | Includes bibliographic references (pages [82]-93). |
| ISBN: |
9781108718950 1108718957 |
| Index Number: | BD184 |
| CLC: | C934 |
| Call Number: | C934/G982 |
| Contents: | Money-pump arguments -- Acyclicity -- Completeness -- Transitivity -- Independence -- Continuity -- Against resolute choice -- Against infinite money pumps. |