Money-Pump Arguments

Name: Money-Pump Arguments
Brand: Cambridge University Press
SKU: 9781108718950
Price: 3250 KES
Availability: OutOfStock
ISBN: 9781108718950

by Johan E. Gustafsson

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 102 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.

Get Money-Pump Arguments by Johan E. Gustafsson at the best price and quality guaranteed only at Werezi Africa's largest book ecommerce store. The book was published by Cambridge University Press and it has 102 pages.