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A Money-Pump for Acyclic Intransitive Preferences
- Source :
- Dialectica; June 2010, Vol. 64 Issue: 2 p251-257, 7p
- Publication Year :
- 2010
-
Abstract
- The standard argument for the claim that rational preferences are transitive is the pragmatic money-pump argument. However, a money-pump only exploits agents with cyclic strict preferences. In order to pump agents who violate transitivity but without a cycle of strict preferences, one needs to somehow induce such a cycle. Methods for inducing cycles of strict preferences from non-cyclic violations of transitivity have been proposed in the literature, based either on offering the agent small monetary transaction premiums or on multi-dimensional preferences. This paper argues that previous proposals have been flawed and presents a new approach based on the dominance principle.
Details
- Language :
- English
- ISSN :
- 00122017 and 17468361
- Volume :
- 64
- Issue :
- 2
- Database :
- Supplemental Index
- Journal :
- Dialectica
- Publication Type :
- Periodical
- Accession number :
- ejs21659172
- Full Text :
- https://doi.org/10.1111/j.1746-8361.2010.01230.x