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Johan E. Gustafsson examines a philosophical argument for rational choice: a person with inconsistent preferences may accept a succession of trades that returns them to their starting position with less money. These money-pump cases provide a way of asking what coherence requires of decisions over time.
The book develops arguments concerning cyclic preferences, dynamic choice and the axioms of expected utility theory. Decision trees and formal examples make the assumptions behind each argument explicit, while objections test whether apparently disadvantageous sequences of choices establish irrationality. The focus is on the logic and justification of preference principles, with the complete original discussion, diagrams and bibliography preserved.
Johan E. Gustafsson. Money-Pump Arguments. Cambridge University Press, 2022. https://doi.org/10.1017/9781108754750. Licensed CC BY 4.0; the unchanged original edition and required notices are retained.