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Zachary_Kurtz comments on Money pumping: the axiomatic approach - Less Wrong
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OK this makes a lot more sense now. So you're engaging arbitrage by taking advantage of my transitive preferences?
I could see this scenario being possible, but not if you described all the trades to me beforehand (I assume limiting information is a prerequisite for the pump to work)
Perhaps not this specific set of trades, but money-pumps have been demonstrated experimentally. It's obviously wrong, but there's no theoretical reason why someone might not be susceptible to it.