The potential for a money pump is an indication that the preference system is inconsistent and so potential for exploit to some extent. It does not mean that the agent in question must be incapable of altering their preferences in the face of blantant exploit. ‘Patching’ of a utility function in the face of inconsistencies that are the most easy to exploit comes naturally to humans.
With that in mind I observe that bizarre and irrational preferences and the exploitation thereof are extremely prevalent and I would go as far as to say a significant driver of the economy. Of course, it isn’t only rationalists that enjoy the benefits of exploiting suckers.
The potential for a money pump is an indication that the preference system is inconsistent and so potential for exploit to some extent. It does not mean that the agent in question must be incapable of altering their preferences in the face of blantant exploit. ‘Patching’ of a utility function in the face of inconsistencies that are the most easy to exploit comes naturally to humans.
With that in mind I observe that bizarre and irrational preferences and the exploitation thereof are extremely prevalent and I would go as far as to say a significant driver of the economy. Of course, it isn’t only rationalists that enjoy the benefits of exploiting suckers.