I confess, the money pump thing sometimes strikes me as … well… contrived. Yes, in theory, if one’s preferences violate various rules of rationality (acyclicity being the easiest), one could conceivably be money-pumped. But, uh, it never actually happens in the real world. Our preferences, once they violate idealized axioms, lead to messes in highly unrealistic situations. Big deal.
I confess, the money pump thing sometimes strikes me as … well… contrived. Yes, in theory, if one’s preferences violate various rules of rationality (acyclicity being the easiest), one could conceivably be money-pumped. But, uh, it never actually happens in the real world. Our preferences, once they violate idealized axioms, lead to messes in highly unrealistic situations. Big deal.