Money Pumps in the Market
研究采用非理性决策程序的个体在市场中的脆弱性，通过观察他人购买彩票的经验来决策是否购买，并展示这种决策如何被嵌入跨期市场机制中，导致无内在价值的资产被投机交易。
Agents who employ non-rational choice procedures are often vulnerable to exploitation, in the sense that a profit-seeking trader can offer them a harmful transaction which they will nevertheless accept. We examine the vulnerability of a procedure for deciding whether to buy a lottery: observe another agent who already bought it and buy the lottery if that agent's experience was positive. We show that the exploitation of such agents can be embedded in an inter-temporal market mechanism, in the form of speculative trade in an asset of no intrinsic value.