A Simpler, More Compelling Money Pump with Foresight
(2020) In The Journal of Philosophy 117(10). p.578-589- Abstract
- One might think that money pumps directed at agents with cyclic preferences can be avoided by foresight. This view was challenged two decades ago by the discovery of a money pump with foresight, which works against agents who use backward induction. But backward induction implausibly assumes that the agent would act rationally and retain her trust in her future rationality even at choice nodes that could only be reached if she were to act irrationally. This worry does not apply to BI-terminating decision problems, where at each choice node backward induction prescribes a move that terminates further action. For BI-terminating decision problems, it is enough to assume that rationality and trust in rationality are retained at choice nodes... (More)
- One might think that money pumps directed at agents with cyclic preferences can be avoided by foresight. This view was challenged two decades ago by the discovery of a money pump with foresight, which works against agents who use backward induction. But backward induction implausibly assumes that the agent would act rationally and retain her trust in her future rationality even at choice nodes that could only be reached if she were to act irrationally. This worry does not apply to BI-terminating decision problems, where at each choice node backward induction prescribes a move that terminates further action. For BI-terminating decision problems, it is enough to assume that rationality and trust in rationality are retained at choice nodes reachable by rational moves. The old money pump with foresight was not BI-terminating. In this paper, we present a new money pump with foresight, one that is both BI-terminating and considerably simpler. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/3afbccea-332f-4e76-82e8-a55500b3b078
- author
- Gustafsson, Johan E. and Rabinowicz, Wlodek LU
- organization
- alternative title
- En enklare. mer övertygande penningpump med förutseende
- publishing date
- 2020
- type
- Contribution to journal
- publication status
- published
- subject
- in
- The Journal of Philosophy
- volume
- 117
- issue
- 10
- pages
- 12 pages
- publisher
- Journal of Philosophy, Inc.
- external identifiers
-
- scopus:85109079488
- ISSN
- 0022-362X
- DOI
- 10.5840/jphil20201171037
- language
- English
- LU publication?
- yes
- id
- 3afbccea-332f-4e76-82e8-a55500b3b078
- date added to LUP
- 2023-10-23 16:41:50
- date last changed
- 2023-10-26 12:32:59
@article{3afbccea-332f-4e76-82e8-a55500b3b078, abstract = {{One might think that money pumps directed at agents with cyclic preferences can be avoided by foresight. This view was challenged two decades ago by the discovery of a money pump with foresight, which works against agents who use backward induction. But backward induction implausibly assumes that the agent would act rationally and retain her trust in her future rationality even at choice nodes that could only be reached if she were to act irrationally. This worry does not apply to BI-terminating decision problems, where at each choice node backward induction prescribes a move that terminates further action. For BI-terminating decision problems, it is enough to assume that rationality and trust in rationality are retained at choice nodes reachable by rational moves. The old money pump with foresight was not BI-terminating. In this paper, we present a new money pump with foresight, one that is both BI-terminating and considerably simpler.}}, author = {{Gustafsson, Johan E. and Rabinowicz, Wlodek}}, issn = {{0022-362X}}, language = {{eng}}, number = {{10}}, pages = {{578--589}}, publisher = {{Journal of Philosophy, Inc.}}, series = {{The Journal of Philosophy}}, title = {{A Simpler, More Compelling Money Pump with Foresight}}, url = {{http://dx.doi.org/10.5840/jphil20201171037}}, doi = {{10.5840/jphil20201171037}}, volume = {{117}}, year = {{2020}}, }