Money-Pump Arguments

Cambridge: Cambridge University Press (2022)
  Copy   BIBTEX


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. 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.

Similar books and articles

A Deluxe Money Pump.Tom Dougherty - 2014 - Thought: A Journal of Philosophy 3 (1):21-29.
Cashing out the money-pump argument.Chrisoula Andreou - 2016 - Philosophical Studies (6):1-5.
The Money Pump Is Necessarily Diachronic.Adrian M. S. Piper - 2014 - Adrian Piper Research Archive Foundation Berlin/Philosophy.
Money Pumps, Diachronic and Synchronic.Yair Levy - 2014 - Journal of Ethics and Social Philosophy:XX.
Money pump with foresight.Wlodek Rabinowicz - 2000 - In Michael J. Almeida (ed.), Imperceptible Harms and Benefits. pp. 123-154.
Money Pumps and Diachronic Books.Isaac Levi - 2002 - Philosophy of Science 69 (S3):S235-S247.
A centipede for intransitive preferrers.Wlodek Rabinowicz - 2000 - Studia Logica 67 (2):167-178.
Money pumps and diachronic books.Isaac Levi - 2002 - Proceedings of the Philosophy of Science Association 2002 (3):S235-S247.
Money Pumps, Incompleteness, and Indeterminacy.Johan E. Gustafsson - 2016 - Philosophy and Phenomenological Research 92 (1):60-72.
Opaque Sweetening and Transitivity.Ryan Doody - 2019 - Australasian Journal of Philosophy 97 (3):559-571.


Added to PP

464 (#42,128)

6 months
176 (#17,509)

Historical graph of downloads
How can I increase my downloads?

Author's Profile

Johan E. Gustafsson
University of Texas at Austin

References found in this work

Naming and Necessity.Saul Kripke - 1980 - Philosophy 56 (217):431-433.
Truth and probability.Frank Ramsey - 2010 - In Antony Eagle (ed.), Philosophy of Probability: Contemporary Readings. New York: Routledge. pp. 52-94.
Problems of the Self.Bernard Williams - 1973 - Cambridge [Eng.]: Cambridge University Press.
Moral Luck.B. A. O. Williams & T. Nagel - 1976 - Aristotelian Society Supplementary Volume 50 (1):115-152.

View all 47 references / Add more references