Theory and Decision 43 (3):253-277 (1997)
AbstractThe 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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Citations of this work
Keep or Trade? Effects of Pay-Off Range on Decisions with the Two-Envelopes Problem.Raymond S. Nickerson, Susan F. Butler, Nathaniel Delaney-Busch & Michael Carlin - 2014 - Thinking and Reasoning 20 (4):472-499.
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Probability, Induction and Statistics: The Art of Guessing.Bruno De Finetti - 1972 - New York: John Wiley.
Subjective Expected Utility: A Review of Normative Theories. [REVIEW]Peter C. Fishburn - 1981 - Theory and Decision 13 (2):139-199.
A Conflict Between Finite Additivity and Avoiding Dutch Book.Teddy Seidenfeld & Mark J. Schervish - 1983 - Philosophy of Science 50 (3):398-412.