Money-Pump Arguments - Johan E. Gustafsson
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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 ... Full description
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Description
More Information
| Author | Johan E. Gustafsson |
|---|---|
| Publisher | Cambridge University Press |
| Release year | 2022 |
| Cover type | Softcover |
| EAN | 9781108718950 |