The Impotence of the Value Pump

John Halstead

Utilitas, 2015, vol. 27, issue 2, 195-216

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.

Date: 2015
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