Money-Pump Arguments Paperback / softback
by Johan E. (University of York) Gustafsson
Part of the Elements in Decision Theory and Philosophy series
Paperback / softback
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Description
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.
Information
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Out of StockMore expected soonContact us for further information
- Format:Paperback / softback
- Pages:100 pages, Worked examples or Exercises
- Publisher:Cambridge University Press
- Publication Date:13/10/2022
- Category:
- ISBN:9781108718950
Information
-
Out of StockMore expected soonContact us for further information
- Format:Paperback / softback
- Pages:100 pages, Worked examples or Exercises
- Publisher:Cambridge University Press
- Publication Date:13/10/2022
- Category:
- ISBN:9781108718950
