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The two-envelope paradox: an axiomatic approach

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In this paper, we present a simple axiomatic justification for indifference before opening, avoiding any expectation reasoning, which is often considered problematic in infinite cases. Although the two-envelope paradox assumes an expectation-maximizing agent, we show that analogous paradoxes arise for agents using difierent decision principles such as maximin and maximax, and that our justification for indifierence before opening applies here too.

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en

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application/pdf

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http://eprints.lse.ac.uk/6050/1/The_two-envelope_paradox_%28LSERO%29.pdf

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