The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent Preferences
提出一个不依赖消费者偏好一致性的消费者主权定义，即机会标准，用于评估资源配置系统。通过一个理性套利者与非理性消费者交易的交换经济模型，证明竞争环境下货币泵的总体效果是良性的。
This paper proposes a formulation of consumer sovereignty, for use in normative economics, which does not presuppose individuals' preferences to be coherent. The fundamental intuition, that opportunity and responsibility have moral value, is formalized as an “opportunity criterion” for assessing resource allocation systems. A model of an exchange economy is presented in which rational arbitrageurs compete to make profits by trading with nonrational consumers. In equilibrium, this economy satisfies the opportunity criterion. One interpretation of this result is that, in a competitive environment, the overall effects of money pumps are benign, even if individuals' preferences are unstable or incoherent.