Scarsini, Marco; Feinberg, Yossi - In: Economics Bulletin 4 (2003) 11, pp. 1-12
Any group of risk neutral agents who hold differing beliefs is vulnerable to money pumps (arbitrage). Thus, the agents may wish to reconcile their beliefs into a new joint belief. We propose a criterion for the choice of reconciled belief based on the notion of ``rate of arbitrage.''' It is...
