Money-Pump Arguments

Cambridge: Cambridge University Press (2022)
Download Edit this record How to cite View on PhilPapers
Abstract
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. The Element also defends money-pump arguments from the standard objections to this kind of approach. This title is also available as Open Access on Cambridge Core.
Reprint years
2022
ISBN(s)
9781108754750   1108718957
PhilPapers/Archive ID
GUSMA
Upload history
Archival date: 2022-09-19
View other versions
Added to PP index
2022-04-09

Total views
32 ( #69,330 of 72,580 )

Recent downloads (6 months)
32 ( #26,993 of 72,580 )

How can I increase my downloads?

Downloads since first upload
This graph includes both downloads from PhilArchive and clicks on external links on PhilPapers.