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Synopsis
Expected Utility Theory can be defended by money-pump arguments. These arguments avoid the standard objections to this kind of approach.
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- PublisherCambridge University Press
- Publication date2022
- ISBN 10 1108718957
- ISBN 13 9781108718950
- BindingPaperback
- LanguageEnglish
- Number of pages102
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Money-Pump Arguments (Elements in Decision Theory and Philosophy)
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Money-Pump Arguments (Elements in Decision Theory and Philosophy)
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ISBN 10: 1108718957
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Money-pump Arguments
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Money-Pump Arguments (Elements in Decision Theory and Philosophy)
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Money-Pump Arguments
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Money-Pump Arguments
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Money-pump Arguments
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Money-Pump Arguments (Paperback)
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ISBN 10: 1108718957
ISBN 13: 9781108718950
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Paperback. Condition: new. Paperback. 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. This Element shows how Expected Utility Theory can be defended by money-pump arguments. 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. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability. Seller Inventory # 9781108718950
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