Money pump
In economic theory, the money pump argument is a thought experiment intended to show that rational behavior requires transitive preferences: If one prefers A to B and B to C, then one should not prefer C to A. Standard economic theory assumes that preferences are transitive. However, many people have argued that intransitive preferences are often observed. In choosing potential mates, candidate A is more beautiful/handsome than candidate B. B is wealthier then C. C is far better attuned on a personal level than A – the hearts meet. Then choices could be intransitive.
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Money pump
In economic theory, the money pump argument is a thought experiment intended to show that rational behavior requires transitive preferences: If one prefers A to B and B to C, then one should not prefer C to A. Standard economic theory assumes that preferences are transitive. However, many people have argued that intransitive preferences are often observed. In choosing potential mates, candidate A is more beautiful/handsome than candidate B. B is wealthier then C. C is far better attuned on a personal level than A – the hearts meet. Then choices could be intransitive.
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In economic theory, the money ...... choices could be intransitive.
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2016-02-16
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"On Money Pumps"
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In economic theory, the money ...... choices could be intransitive.
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Money pump
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