-
Money-Pump ArgumentsCambridge University Press. 2022.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…Read more
London, United Kingdom of Great Britain and Northern Ireland
Areas of Specialization
4 more
Persons |
Topics in Decision Theory |
Game Theory |
Objects |
Deontological Moral Theories |
Consequentialism |
Decision Theory |
Causation |
Population Ethics |