Money-Pump Arguments
Book Details
Format
Paperback / Softback
Book Series
Elements in Decision Theory and Philosophy
ISBN-10
1108718957
ISBN-13
9781108718950
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Oct 13th, 2022
Print length
100 Pages
Weight
158 grams
Dimensions
15.20 x 22.80 x 1.00 cms
Product Classification:
Philosophy of science
Ksh 3,250.00
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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.
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.
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