Perspectives on a Pair of Envelopes
- Piers Rawling
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The two envelopes problem has generated a significant number of publications (I have benefitted from reading many of them, only some of which I cite; see the epilogue for a historical note). Part of my purpose here is to provide a review of previous results (with somewhat simpler demonstrations). In addition, I hope to clear up what I see as some misconceptions concerning the problem. Within a countably additive probability framework, the problem illustrates a breakdown of dominance with respect to infinite partitions in circumstances of infinite expected utility. Within a probability framework that is only finitely additive, there are failures of dominance with respect to infinite partitions in circumstances of bounded utility with finitely many consequences (see the epilogue).
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About this Article
- Perspectives on a Pair of Envelopes
Theory and Decision
Volume 43, Issue 3 , pp 253-277
- Cover Date
- Print ISSN
- Online ISSN
- Kluwer Academic Publishers
- Additional Links
- Pair of envelopes
- countable additivity
- principle of dominance
- finite additivity
- infinite partitions
- Industry Sectors
- Piers Rawling (1)
- Author Affiliations
- 1. Philosophy Department, University of Missouri-St. Louis, St. Louis, MO, 63121-4499, U.S.A