Money-Pump Arguments by Johan E Gustafsson
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.-
Rational Choice Using Imprecise Probabilities and Utilities
- Rational Attitudes to Risk
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Judgment Aggregation
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Epistemic Game Theory
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Small Probabilities and High Stakes
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Opinion Pooling
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Rationality and Time Bias
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Preference Change
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Beyond Uncertainty
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The History and Methodology of Expected Utility
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The Measurement of Subjective Probability
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Evidential Decision Theory
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Dutch Book Arguments
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Evolutionary Game Theory
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Commitment and Resoluteness in Rational Choice
| SKU | Unavailable |
| ISBN 13 | 9781108718950 |
| ISBN 10 | 1108718957 |
| Title | Money-Pump Arguments |
| Author | Johan E Gustafsson |
| Series | Elements In Decision Theory And Philosophy |
| Condition | Unavailable |
| Binding Type | Paperback |
| Publisher | Cambridge University Press |
| Year published | 2022-10-13 |
| Number of pages | 100 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |