Applied probability

Money pump

In economic theory, the money pump argument is a thought experiment showing that rational behavior requires transitive preferences. Classical economic theory assumes that preferences are transitive: if someone thinks A is better than B and B is better than C, then they must think A is better than C. In other words, there cannot be a "cycle" of preferences. The money pump argument notes that if someone held a set of intransitive preferences, they could be exploited (pumped) for money until being forced to leave the market. Imagine Jane has twenty dollars to buy fruit. She can fill her basket with either oranges or apples. Jane would prefer to have a dollar rather than an apple, an apple rather than an orange, and an orange rather than a dollar. Because Jane would rather have an orange than a dollar, she is willing to buy an orange for just over a dollar (perhaps $1.10). Then, she trades her orange for an apple, because she would rather have an apple rather than an orange. Finally, she sells her apple for a dollar, because she would rather have a dollar than an apple. At this point, Jane is left with $19.90, and has lost 10¢ and gained nothing in return. This process can be repeated until Jane is left with no money. (Note that, if Jane truly holds these preferences, she would see nothing wrong with this process, and would not try to stop this process; at every step, Jane agrees she has been left better off.) After running out of money, Jane leaves the market, and her preferences and actions cease to be economically relevant. Experiments in behavioral economics show that subjects can violate the requirement for transitive preferences when comparing bets. However, most subjects do not make these choices in within-subject comparisons where the contradiction would be obviously visible (in other words, the subjects do not hold genuinely intransitive preferences, but instead make mistakes when making choices using heuristics). (Wikipedia).

Video thumbnail

Gear Pump

http://www.mekanizmalar.com/gearpump.html This video show how a Gear Pump works. You can interact with actual flash animation at the link given above.

From playlist Pumps

Video thumbnail

variable displacement piston pump

http://www.mekanizmalar.com/variable_displacement_piston_pump.html

From playlist Pumps

Video thumbnail

Vane Pump

http://www.mekanizmalar.com A rotary vane pump is a positive-displacement pump that consists of vanes mounted to a rotor that rotates inside of a cavity.

From playlist Pumps

Video thumbnail

Rotary Gear Pump

http://www.mekanizmalar.com/menu_pump.html This video show how a Gorman-Rupp type rotary pump works.

From playlist Pumps

Video thumbnail

How Does a Hydraulic Ram Pump Work?

A quick description and demo of this ingenious pump. A hydraulic ram is a clever device invented over 200 years ago that can pump water uphill with no other external source of power except for the water flowing into it and there is a way to take advantage of this normally inauspicious eff

From playlist Flow in Pipes

Video thumbnail

variable displacement radial piston pump

http://www.mekanizmalar.com/variable_displacement_radial_piston_pump.html

From playlist Pumps

Video thumbnail

balanced vane pump

http://www.mekanizmalar.com/menu-pump.html How a balanced vane pump works. Flow animation by using particles.

From playlist Pumps

Video thumbnail

How hand pump works | Explained with Animation

How hand pump works | Explained with Animation This video explains the working principle of hand pump, which is used to pump water manually with the help of an easy to understand animation. In old days this mechanical water pump was commonly used to draw ground water and also get water fro

From playlist engineering explained

Video thumbnail

Dr. Martin Fisher, PhD ’85: Engineering a path out of poverty

Stanford Engineering Hero Dr. Martin Fisher harnesses the power of irrigation to lift millions in Africa out of poverty. The best way for millions of farmers in Africa to escape poverty is to move from rain-fed farming to irrigated farming. Irrigation transforms farming by allowing for an

From playlist Stanford Engineering Heroes

Video thumbnail

Humanitarian Engineering, Lecture 39

These lectures are based on a course, ENGR 5050 Humanitarian Engineering, at The Ohio State University by Prof. Kevin M. Passino, passino.1@osu.edu. Course summary: Poverty, sustainability, culture, social justice, development strategies, engineering for sustainable community development.

From playlist Ohio State: Humanitarian Engineering with Kevin Passino | CosmoLearning.org Engineering

Video thumbnail

Animation - How an axial flow variable displacement piston pump works.

Hi Guys, Hydraulic pumps are of various types, axial flow variable displacement piston pump are used in heavy hydraulic construction equipments. Tracked excavator machines commonly use this type of pumps. The advantage of this pump is that, the flow is variable compared to gears pumps in

From playlist engineering explained

Video thumbnail

Demonstrating quantum effects at home / The Stern-Gerlach-Experiment Pt. 2

If you haven’t seen Part 1, make sure to watch it first: https://youtu.be/kPNgHx4JWO4 The Stern-Gerlach-Experiment will be a multipart series in which I build the apparatus step by step. The first step was to build a high vacuum system. Since I only had a cryopump in my last video, I desi

From playlist The Stern-Gerlach-Experiment

Video thumbnail

eevBLAB #82 - Kickstarter Over-unity Gravitational Power Generator!

Two Japanese guys have been working for 30 years on a "Gavitational Power Generator" over-unity machine that produces 30-100 times the input energy. The Japanese Patent office disagrees in an hilarious Kickstarter own-goal! https://www.kickstarter.com/projects/sunteljp/the-gravitational-po

From playlist Debunking

Video thumbnail

30 Minutes of Gold Rush Season 12 | Gold Rush

Stream Gold Rush on discovery+: https://www.discoveryplus.com/show/gold-rush #GoldRush #ParkerSchnabel #Discovery Subscribe to Discovery: http://bit.ly/SubscribeDiscovery Follow Us on TikTok: https://www.tiktok.com/@Discovery We're on Instagram! https://instagram.com/Discovery Join U

From playlist Adventure & Exploration

Video thumbnail

Lec 6 | MIT 16.885J Aircraft Systems Engineering, Fall 2005

Propulsion - Space Shuttle Main Engines View the complete course: http://ocw.mit.edu/16-885F05 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu

From playlist MIT 16.885J Aircraft Systems Engineering, Fall 2005

Video thumbnail

Major Advances with Heat Pumps in the Extreme Cold

The Problem with Heat Pumps and Cold Weather. Get Surfshark VPN at https://surfshark.deals/undecided - Enter promo code UNDECIDED for 83% off and 3 extra months for FREE! Heat pumps are versatile, efficient, and great for both heating and cooling … or are they? Whenever heat pumps are ment

From playlist The Problem With ...

Video thumbnail

Humanitarian Engineering, Lecture 34

These lectures are based on a course, ENGR 5050 Humanitarian Engineering, at The Ohio State University by Prof. Kevin M. Passino, passino.1@osu.edu. Course summary: Poverty, sustainability, culture, social justice, development strategies, engineering for sustainable community development.

From playlist Ohio State: Humanitarian Engineering with Kevin Passino | CosmoLearning.org Engineering

Video thumbnail

Don’t miss a beat: the latest in heart health

Jeffrey Teuteberg, MD Associate Professor of Medicine This year marks the 50th anniversary of the first successful U.S. human heart transplant by the late Stanford cardiothoracic surgeon Norman Shumway, MD, PhD. We’ve come a long way since then. Renowned cardiologist and transplant specia

From playlist Health Matters 2018

Video thumbnail

Oliver Puncken - Laser diagnostics and developmental tools

PROGRAM: ICTS Winter School on Experimental Gravitational-Wave Physics DATES: Monday 23 Dec, 2013 - Saturday 28 Dec, 2013 VENUE: Raja Ramanna Centre for Advanced Technology, Indore PROGRAM LINK: http://www.icts.res.in/program/GWS2013 A worldwide network of detectors are currently involved

From playlist ICTS Winter School on Experimental Gravitational-Wave Physics

Video thumbnail

Closed Loop Hydrostatic Transmission

http://www.mekanizmalar.com/closed_loop_hydraulic_transmission.html Closed loop hydrostatic transmission, also known as hydraulic transmissions is used to convert a constant horsepower input to wide range of speed and torque combination, including reverse rotation.

From playlist Pumps

Related pages

Transitive relation | Dutch book | Behavioral economics