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The Impotence of the Value Pump

Published online by Cambridge University Press:  03 February 2015

JOHN HALSTEAD*
Affiliation:
St Anne's College, Oxfordjohn.halstead@politics.ox.ac.uk
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Abstract

Many philosophers have argued that agents must be irrational to lose out in a ‘value pump’ or ‘money pump’. A number of different conclusions have been drawn from this claim. The ‘Value Pump’ (VP) has been one of the main arguments offered for the axioms of expected utility theory; it has been used to show that options cannot be incomparable or on a par; and it has been used to show that our past choices have normative significance for our subsequent choices. In this article, I argue that the fact that someone loses out in a value pump provides no reason to believe that they are irrational. The VP is impotent.

Information

Type
Research Article
Copyright
Copyright © Cambridge University Press 2015