arXiv Open Access 2024

Money Pumps and Bounded Rationality

Joshua Lanier Matthew Polisson John K. -H. Quah

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Abstrak

The standard criterion of rationality in economics is the maximization of a utility function that is stable across multiple observations of an agent's choice behavior. In this paper, we discuss two notions of the money pump that characterize two corresponding notions of utility-maximization. We explain the senses in which the amount of money that can be pumped from a consumer is a useful measure of the consumer's departure from utility-maximization.

Topik & Kata Kunci

econ.TH

Penulis (3)

Joshua Lanier

Matthew Polisson

John K. -H. Quah

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APA MLA BibTeX

Lanier, J., Polisson, M., Quah, J.K.-. (2024). Money Pumps and Bounded Rationality. https://arxiv.org/abs/2404.04843

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Informasi Jurnal

Tahun Terbit: 2024
Bahasa: en
Sumber Database: arXiv
Akses: Open Access ✓