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Stuart_Armstrong comments on Money pumping: the axiomatic approach - Less Wrong
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This is arbitrage, plain and simple. Almost all of the literature about arbitrage can be applied here. Making use of arbitrage opportunities makes them go away. I think LW frequently tries to reinvent the wheel.
My next post is going to be on arbitrage, in fact :-)
However, the results here are still useful, as they illustrate exactly what types of money pumps/arbitrages can occur from precisely which violations of the axioms.