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  1. Vorlesungsskript: Grundlagen des Entscheidens I.Eckhart Arnold - manuscript
    This is a series of lectures on formal decision theory held at the University of Bayreuth during the summer terms 2008 and 2009. It largely follows the book from Michael D. Resnik: Choices. An Introduction to Decision Theory, 5th ed. Minneapolis London 2000 and covers the topics: -/- Decisions under ignorance and risk Probability calculus (Kolmogoroff Axioms, Bayes' Theorem) Philosophical interpretations of probability (R. v. Mises, Ramsey-De Finetti) Neuman-Morgenstern Utility Theory Introductory Game Theory Social Choice Theory (Sen's Paradox of Liberalism, (...)
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  2. Arguments against the Free Use of Beasts as Sexual Objects.John D. Baldari - manuscript
    In this paper, I intend to deny the morality and instrumentality of the behavior known as bestiality, or the use of non-human animals for sexual gratification by human beings. While to most modern peoples, this hardly even seems like it should be in question, it should be the nature of the human mind to occasionally question long-standing traditional moray in the hopes of finding solutions to problems and the disbanding of superstition. It has been proposed that the moral question, and (...)
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  3. Maximization of Originality.Miro Brada - manuscript
    The richer you are, the less equally rich or richer people. The richest is only one (=unique). Maximization of richness or leisure (=classic utility), maximizes the uniqueness (=improbability) that can be maximized also by: extreme sport, suicide, tattoo, count of views... The richest seem unique as the poorest, but the rich can easily become poor, while the poor can hardly get rich. So the aim of maximization reflects IQ and options. Few options increase irrationality, regardless of IQ. I also present (...)
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  4. We are Optimizers: Re-opening the Case for Rational Genuine Satisficing.Gary Goh - manuscript
    This paper critically reviews the arguments supporting rational genuine satisficing. The deconstructive effort unearths inherent problems with the position in both static and dynamic contexts. Many of these arguments build on Herbert Simon’s canonical arguments surrounding incommensurability and demandingness problems. Optimizing is re-constructed using the principles of instrumental satisficing to answer these charges. The resulting conception is both obviously undemanding and a recognizable response to focused decision making.
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  5. Interim Corpus Separatum for the Palestine Question. [REVIEW]Ciprian Pater - manuscript
    "Resolution of Jerusalem’s status arguably remains controversial because of the divergent analytical lenses through which the conflict’s parties, and others, view its intertwined legal, territorial, historical and religious issues. Thus, Jerusalem persists as an intricate and intractable cornerstone of the Israel-Palestine conflict." Diakonia International Humanitarian Law Resource Centre.
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  6. On Choosing how to Choose.Richard Pettigrew - manuscript
    A decision theory is self-recommending if, when you ask it which decision theory you should use, it considers itself to be among the permissible options. I show that many alternatives to expected utility theory are not self-recommending, and I argue that this tells against them.
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  7. Expected comparative utility theory: A new theory of instrumental rationality.David Robert - manuscript
    This paper aims to address the question of how one ought to choose when one is uncertain about what outcomes will result from one’s choices, but when one can nevertheless assign probabilities to the different possible outcomes. These choices are commonly referred to as choices (or decisions) under risk. I assume in this paper that one ought to make instrumentally rational choices—more precisely, one ought to adopt suitable means to one’s morally permissible ends. Expected utility (EU) theory is generally accepted (...)
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  8. Planning for Pascal's Mugging.Jeffrey Sanford Russell - manuscript
    In "Pascal's Mugging" (Bostrom 2009), Pascal gives away his wallet for an extremely tiny chance of an extremely large reward. In this continuation of Bostrom's story, Pascal's friend counsels him to take into account the possibility of making mistakes about his true expected utilities, and they consider to what extent this will help Pascal make plans to avoid future muggings.
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  9. Pascalian Expectations and Explorations.Alan Hajek & Elizabeth Jackson - forthcoming - In Roger Ariew & Yuval Avnur (eds.), The Blackwell Companion to Pascal. Wiley-Blackwell.
    Pascal’s Wager involves expected utilities. In this chapter, we examine the Wager in light of two main features of expected utility theory: utilities and probabilities. We discuss infinite and finite utilities, and zero, infinitesimal, extremely low, imprecise, and undefined probabilities. These have all come up in recent literature regarding Pascal’s Wager. We consider the problems each creates and suggest prospects for the Wager in light of these problems.
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  10. Paradoxes of Infinite Aggregation.Frank Hong & Jeffrey Sanford Russell - forthcoming - Noûs.
    There are infinitely many ways the world might be, and there may well be infinitely many people in it. These facts raise moral paradoxes. We explore a conflict between two highly attractive principles: a Pareto principle that says that what is better for everyone is better overall, and a statewise dominance principle that says that what is sure to turn out better is better on balance. We refine and generalize this paradox, showing that the problem is faced by many theories (...)
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  11. Time and the Decider.David Spurrett - forthcoming - Behavioral and Brain Sciences.
    Shadmehr and Ahmed’s book is a welcome extension of optimal foraging theory and neuroeconomics, achieved by integrating both with parameters relating to effort and rate of movement. Their most persuasive and prolific data comes from saccades, where times before and after decision are reasonably determinate. Skeletal movements are less likely to exhibit such tidy temporal organisation.
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  12. Affect, desire and interpretation.Robert Williams - forthcoming - Philosophical Studies.
    Are interpersonal comparisons of desire possible? Can we give an account of how facts about desires are grounded, that underpins such comparisons? This paper supposes the answer to the first question is yes, and provides an account of the nature of desire that explains how this is so. The account is a modification of the interpretationist metaphysics of representation that the author has recently been developing. The modification is to allow phenomenological affective valence into the “base facts” on which correct (...)
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  13. Ordinal Utility Differences.Jean Baccelli - 2024 - Social Choice and Welfare 62 ( 275-287).
    It is widely held that under ordinal utility, utility differences are ill-defined. Allegedly, for these to be well-defined (without turning to choice under risk or the like), one should adopt as a new kind of primitive quaternary relations, instead of the traditional binary relations underlying ordinal utility functions. Correlatively, it is also widely held that the key structural properties of quaternary relations are entirely arbitrary from an ordinal point of view. These properties would be, in a nutshell, the hallmark of (...)
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  14. Ethics without numbers.Jacob Nebel - 2024 - Philosophy and Phenomenological Research 108 (2):289-319.
    This paper develops and explores a new framework for theorizing about the measurement and aggregation of well-being. It is a qualitative variation on the framework of social welfare functionals developed by Amartya Sen. In Sen’s framework, a social or overall betterness ordering is assigned to each profile of real-valued utility functions. In the qualitative framework developed here, numerical utilities are replaced by the properties they are supposed to represent. This makes it possible to characterize the measurability and interpersonal comparability of (...)
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  15. A Choice-Functional Characterization of Welfarism.Jacob M. Nebel - 2024 - Journal of Economic Theory 222:105918.
    Welfarism is the view that individual welfare is the only thing that matters. One important contribution of social choice theory has been to provide a precise formulation and axiomatic characterization of welfarism using Amartya Sen's framework of social welfare functionals. This paper is motivated by the observation that the standard formalization of welfarism is too restrictive, since a welfarist social planner need not be committed to maximizing a preference ordering or any other binary relation over alternatives. We therefore provide a (...)
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  16. Interpolating Decisions.Jonathan Cohen & Elliott Sober - 2023 - Australasian Journal of Philosophy 101 (2):327-339.
    Decision theory requires agents to assign probabilities to states of the world and utilities to the possible outcomes of different actions. When agents commit to having the probabilities and/or utilities in a decision problem defined by objective features of the world, they may find themselves unable to decide which actions maximize expected utility. Decision theory has long recognized that work-around strategies are available in special cases; this is where dominance reasoning, minimax, and maximin play a role. Here we describe a (...)
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  17. Unbounded Utility.Zachary Goodsell - 2023 - Dissertation, University of Southern California
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  18. Utilitarianism versus the privileging of speech.Terence Rajivan Edward - 2022 - IJRDO Journal of Humanities and Social Science Research 8 (11):12.
    Apparently the Western philosophical tradition has (wrongly) preferred speech over writing – so claims Jacques Derrida. In this paper, I consider whether utilitarianism involves such a preference. There are at least two arguments against the claim.
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  19. Escaping the Cycle.J. Dmitri Gallow - 2022 - Mind 131 (521):99-127.
    I present a decision problem in which causal decision theory appears to violate the independence of irrelevant alternatives (IIA) and normal-form extensive-form equivalence (NEE). I show that these violations lead to exploitable behavior and long-run poverty. These consequences appear damning, but I urge caution. This decision should lead causalists to a better understanding of what it takes for a decision between some collection of options to count as a subdecision of a decision between a larger collection of options. And with (...)
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  20. Money-Pump Arguments.Johan E. Gustafsson - 2022 - Cambridge: Cambridge University Press.
    Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you (...)
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  21. Bentham’s Mugging.Johan E. Gustafsson - 2022 - Utilitas 34 (4):386-391.
    A dialogue, in three parts, on utilitarian vulnerability to exploitation.
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  22. A Paradox of Reusing Cultural Heritage: A Case Study of the Historic Centre of Macau.Teng Wai Lao - 2022 - Restauro Archeologico 2 (Special Issue 2022):302-307.
    After the WHS inscription of the Historic Centre of Macau in 2005, the relationship between citizens of Macau and their heritage is not distanced. Most of these monuments remain functional for religious and social purposes and are actively engaged in public commercial activities such as the annual Macau Light Festival. Several historic houses have been transformed into either a permanent library or a museum where people can experience various events. With such frequent interaction, these monuments are more than just heritage (...)
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  23. Aggregation Without Interpersonal Comparisons of Well‐Being.Jacob M. Nebel - 2021 - Philosophy and Phenomenological Research 105 (1):18-41.
    This paper is about the role of interpersonal comparisons in Harsanyi's aggregation theorem. Harsanyi interpreted his theorem to show that a broadly utilitarian theory of distribution must be true even if there are no interpersonal comparisons of well-being. How is this possible? The orthodox view is that it is not. Some argue that the interpersonal comparability of well-being is hidden in Harsanyi's premises. Others argue that it is a surprising conclusion of Harsanyi's theorem, which is not presupposed by any one (...)
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  24. Infinite Prospects.Jeffrey Sanford Russell & Yoaav Isaacs - 2021 - Philosophy and Phenomenological Research 103 (1):178-198.
    People with the kind of preferences that give rise to the St. Petersburg paradox are problematic---but not because there is anything wrong with infinite utilities. Rather, such people cannot assign the St. Petersburg gamble any value that any kind of outcome could possibly have. Their preferences also violate an infinitary generalization of Savage's Sure Thing Principle, which we call the *Countable Sure Thing Principle*, as well as an infinitary generalization of von Neumann and Morgenstern's Independence axiom, which we call *Countable (...)
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  25. ‘Lost, Enfeebled, and Deprived of Its Vital Effect’: Mill’s Exaggerated View of the Relation Between Conflict and Vitality.Robert Mark Simpson - 2021 - Aristotelian Society Supplementary Volume 95 (1):97-114.
    Mill thinks our attitudes should be held in a way that’s active and ‘alive’. He believes attitudes that lack these qualities—those held dogmatically, or in unreflective conformity—are inimical to our well-being. This claim then serves as a premiss in his argument for overarching principles of liberty. He argues that attitudinal vitality, in the relevant sense, relies upon people experiencing attitudinal conflict, and that this necessitates a prioritization of personal liberties. I argue that, pace Mill, contestation isn’t required for attitudinal vitality. (...)
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  26. Transformative experience and the knowledge norms for action: Moss on Paul’s challenge to decision theory.Richard Pettigrew - 2020 - In John Schwenkler & Enoch Lambert (eds.), Becoming Someone New: Essays on Transformative Experience, Choice, and Change. Oxford University Press.
    to appear in Lambert, E. and J. Schwenkler (eds.) Transformative Experience (OUP) -/- L. A. Paul (2014, 2015) argues that the possibility of epistemically transformative experiences poses serious and novel problems for the orthodox theory of rational choice, namely, expected utility theory — I call her argument the Utility Ignorance Objection. In a pair of earlier papers, I responded to Paul’s challenge (Pettigrew 2015, 2016), and a number of other philosophers have responded in similar ways (Dougherty, et al. 2015, Harman (...)
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  27. Мертвые руки выбора группы и феноменологии - обзор «Индивидуальность и запутанность» (Individuality and Entanglement) by Herbert Gintis 357p (2017)357p (2017)(обзор пересмотрен 2019).Michael Richard Starks - 2020 - In ДОБРО ПОЖАЛОВАТЬ В АД НА НАШЕМ МИРЕ. Las Vegas, NV USA: Reality Press. pp. 263-275.
    Так как Гинтис является старшим экономистом, и я читал некоторые из его предыдущих книг с интересом, я ожидал еще несколько понимание поведения. Ксожалению, он делает мертвые руки группового отбора и меноменологии в центральными его теории поведения, и это в значительной степени недействительными работы. Хуже того, так как он показывает такие плохие суждения здесь, это ставит под сомнение все его предыдущие работы. Попытка воскресить выбор группы его друзьями в Гарварде, Новаком и Уилсоном, Несколько лет назад был одним из главных скандалов в (...)
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  28. The C** Word: Covid-19 and Calculation.Dimitris Vardoulakis - 2020 - The Philosophical Salon.
    Calculation is omnipresent in the current pandemic. And yet, Continental philosophers never talk about calculation: it seems to be the c** of philosophy. Why is that so? Has it always been like that?
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  29. Utility, Priorities, and Quiescent Sufficiency.Fausto Corvino - 2019 - Etica & Politica / Ethics & Politics 21 (3):525-552.
    In this article, I firstly discuss why a prioritarian clause can rescue the utilitarian doctrine from the risk of exacerbating inequality in the distribution of resources in those cases in which utility of income does not decline at the margin. Nonetheless, when in the presence of adaptive preferences, classic prioritarianism is more likely than utilitarianism to increase the inequality of resources under all circumstances, independently of the diminishing trend of utility. Hence, I propose to shift the informational focus of prioritarianism (...)
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  30. Principled Utility Discounting Under Risk.Kian Mintz-Woo - 2019 - Moral Philosophy and Politics 6 (1):89-112.
    Utility discounting in intertemporal economic modelling has been viewed as problematic, both for descriptive and normative reasons. However, positive utility discount rates can be defended normatively; in particular, it is rational for future utility to be discounted to take into account model-independent outcomes when decision-making under risk. The resultant values will tend to be smaller than descriptive rates under most probability assignments. This also allows us to address some objections that intertemporal considerations will be overdemanding. A principle for utility discount (...)
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  31. The Ideological Matrix of Science: Natural Selection and Immunity as Case Studies.Agustin Ostachuk - 2019 - Cosmos and History: The Journal of Natural and Social Philosophy 15 (1):182-213.
    The modern concept of ideology was established by the liberal politician and philosopher Destutt de Tracy, with the objective of creating an all-embracing and general science of ideas, which followed the sensualist and empiricist trend initiated by Locke that culminated in the positivism of Comte. Natural selection and immunity are two key concepts in the history of biology that were strongly based on the Malthusian concept of struggle for existence. This concept wrongly assumed that population grew faster than the means (...)
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  32. Rationality and Future Discounting.Arif Ahmed - 2018 - Topoi 39 (2):245-256.
    The best justification of time-discounting is roughly that it is rational to care less about your more distant future because there is less of you around to have it. I argue that the standard version of this argument, which treats both psychological continuity and psychological connectedness as reasons to care about your future, can only rationalize an irrational—because exploitable—form of future discounting.
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  33. Risk attitudes in axiomatic decision theory: a conceptual perspective.Jean Baccelli - 2018 - Theory and Decision 84 (1):61-82.
    In this paper, I examine the decision-theoretic status of risk attitudes. I start by providing evidence showing that the risk attitude concepts do not play a major role in the axiomatic analysis of the classic models of decision-making under risk. This can be interpreted as reflecting the neutrality of these models between the possible risk attitudes. My central claim, however, is that such neutrality needs to be qualified and the axiomatic relevance of risk attitudes needs to be re-evaluated accordingly. Specifically, (...)
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  34. Continuity and completeness of strongly independent preorders.David McCarthy & Kalle Mikkola - 2018 - Mathematical Social Sciences 93:141-145.
    A strongly independent preorder on a possibly in finite dimensional convex set that satisfi es two of the following conditions must satisfy the third: (i) the Archimedean continuity condition; (ii) mixture continuity; and (iii) comparability under the preorder is an equivalence relation. In addition, if the preorder is nontrivial (has nonempty asymmetric part) and satisfi es two of the following conditions, it must satisfy the third: (i') a modest strengthening of the Archimedean condition; (ii') mixture continuity; and (iii') completeness. Applications (...)
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  35. Towards an Ontological Modelling of Preference Relations.Daniele Porello & Giancarlo Guizzardi - 2018 - In C. Ghidini, B. Magnini, A. Passerini & P. Traverso (eds.), AI*IA 2018 - Advances in Artificial Intelligence - XVIIth International Conference of the Italian Association for Artificial Intelligence, Trento, Italy, November 20-23, 2018, Proceedings. Springer. pp. 152--165.
    Preference relations are intensively studied in Economics, but they are also approached in AI, Knowledge Representation, and Conceptual Modelling, as they provide a key concept in a variety of domains of application. In this paper, we propose an ontological foundation of preference relations to formalise their essential aspects across domains. Firstly, we shall discuss what is the ontological status of the relata of a preference relation. Secondly, we investigate the place of preference relations within a rich taxonomy of relations (e.g. (...)
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  36. (1 other version)Representation of strongly independent preorders by vector-valued functions.David McCarthy, Kalle M. Mikkola & Teruji Thomas - 2017 - Mpra.
    We show that without assuming completeness or continuity, a strongly independent preorder on a possibly infinite dimensional convex set can always be given a vector-valued representation that naturally generalizes the standard expected utility representation. More precisely, it can be represented by a mixture-preserving function to a product of lexicographic function spaces.
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  37. (1 other version)Representation of strongly independent preorders by sets of scalar-valued functions.David McCarthy, Kalle Mikkola & Teruji Thomas - 2017 - MPRA Paper No. 79284.
    We provide conditions under which an incomplete strongly independent preorder on a convex set X can be represented by a set of mixture preserving real-valued functions. We allow X to be infi nite dimensional. The main continuity condition we focus on is mixture continuity. This is sufficient for such a representation provided X has countable dimension or satisfi es a condition that we call Polarization.
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  38. Must rational intentions maximize utility?Ralph Wedgwood - 2017 - Philosophical Explorations 20 (sup2):73-92.
    Suppose that it is rational to choose or intend a course of action if and only if the course of action maximizes some sort of expectation of some sort of value. What sort of value should this definition appeal to? According to an influential neo-Humean view, the answer is “Utility”, where utility is defined as a measure of subjective preference. According to a rival neo-Aristotelian view, the answer is “Choiceworthiness”, where choiceworthiness is an irreducibly normative notion of a course of (...)
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  39. Choice-Based Cardinal Utility. A Tribute to Patrick Suppes.Jean Baccelli & Philippe Mongin - 2016 - Journal of Economic Methodology 23 (3):268-288.
    We reexamine some of the classic problems connected with the use of cardinal utility functions in decision theory, and discuss Patrick Suppes's contributions to this field in light of a reinterpretation we propose for these problems. We analytically decompose the doctrine of ordinalism, which only accepts ordinal utility functions, and distinguish between several doctrines of cardinalism, depending on what components of ordinalism they specifically reject. We identify Suppes's doctrine with the major deviation from ordinalism that conceives of utility functions as (...)
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  40. Symmetry in Cognition, and its reflection in Society.Miro Brada - 2016 - In Vandoulakis Ioannis, Dénes Nagy & Lynn Maurice Ferguson Arnold (eds.), Symmetry: Art and Science. Adelaide: The International Society for the Interdisciplinary Study of Symmetry. pp. 34-37.
    Cognitive tests show that identity and symmetry reflect intellect. 'Guess of other guess' creates various symmetries, while only one is right: 'absolute symmetry', which can be outvoted by the majority. Prejudices result from differences between ME (my identity) and others. Unbiased judgement is symmetrical, always in the middle: neither in favor, nor against ME. Intelligence reduces prejudices, but the lack of opportunities can counterbalance it. That's why type of bias differs in various groups: people from war zones, people in therapy, (...)
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  41. Decision Theory.Lara Buchak - 2016 - In Alan Hájek & Christopher Hitchcock (eds.), The Oxford Handbook of Probability and Philosophy. Oxford: Oxford University Press.
    Decision theory has at its core a set of mathematical theorems that connect rational preferences to functions with certain structural properties. The components of these theorems, as well as their bearing on questions surrounding rationality, can be interpreted in a variety of ways. Philosophy’s current interest in decision theory represents a convergence of two very different lines of thought, one concerned with the question of how one ought to act, and the other concerned with the question of what action consists (...)
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  42. Scoring Imprecise Credences: A Mildly Immodest Proposal.Conor Mayo-Wilson & Gregory Wheeler - 2016 - Philosophy and Phenomenological Research 92 (1):55-78.
    Jim Joyce argues for two amendments to probabilism. The first is the doctrine that credences are rational, or not, in virtue of their accuracy or “closeness to the truth” (1998). The second is a shift from a numerically precise model of belief to an imprecise model represented by a set of probability functions (2010). We argue that both amendments cannot be satisfied simultaneously. To do so, we employ a (slightly-generalized) impossibility theorem of Seidenfeld, Schervish, and Kadane (2012), who show that (...)
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  43. Social Preference Under Twofold Uncertainty.Philippe Mongin & Marcus Pivato - 2016 - Economic Theory.
    We investigate the conflict between the ex ante and ex post criteria of social welfare in a new framework of individual and social decisions, which distinguishes between two sources of uncertainty, here interpreted as an objective and a subjective source respectively. This framework makes it possible to endow the individuals and society not only with ex ante and ex post preferences, as is usually done, but also with interim preferences of two kinds, and correspondingly, to introduce interim forms of the (...)
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  44. Wittgenstein and the Utility of Disagreement.James Pearson - 2016 - Social Theory and Practice 42 (1):1-31.
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  45. Revisiting Risk and Rationality: a reply to Pettigrew and Briggs.Lara Buchak - 2015 - Canadian Journal of Philosophy 45 (5):841-862.
    I have claimed that risk-weighted expected utility maximizers are rational, and that their preferences cannot be captured by expected utility theory. Richard Pettigrew and Rachael Briggs have recently challenged these claims. Both authors argue that only EU-maximizers are rational. In addition, Pettigrew argues that the preferences of REU-maximizers can indeed be captured by EU theory, and Briggs argues that REU-maximizers lose a valuable tool for simplifying their decision problems. I hold that their arguments do not succeed and that my original (...)
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  46. Context-dependent Utilities.Haim Gaifman & Yang Liu - 2015 - In Wiebe Van Der Hoek, Wesley H. Holliday & Wen Fang Wang (eds.), Logic, Rationality, and Interaction. Springer. pp. 90-101.
    Savage's framework of subjective preference among acts provides a paradigmatic derivation of rational subjective probabilities within a more general theory of rational decisions. The system is based on a set of possible states of the world, and on acts, which are functions that assign to each state a consequence€. The representation theorem states that the given preference between acts is determined by their expected utilities, based on uniquely determined probabilities (assigned to sets of states), and numeric utilities assigned to consequences. (...)
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  47. Ranking Multidimensional Alternatives and Uncertain Prospects.Philippe Mongin - 2015 - Journal of Economic Theory 157:146-171.
    We introduce a ranking of multidimensional alternatives, including uncertain prospects as a particular case, when these objects can be given a matrix form. This ranking is separable in terms of rows and columns, and continuous and monotonic in the basic quantities. Owing to the theory of additive separability developed here, we derive very precise numerical representations over a large class of domains (i.e., typically notof the Cartesian product form). We apply these representationsto (1)streams of commodity baskets through time, (2)uncertain social (...)
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  48. (1 other version)Book Review Truth by Alexis G Burgess and John P Burgess. [REVIEW]Swami Narasimhananda - 2015 - Prabuddha Bharata or Awakened India 120 (3):295-6.
    Professors of philosophy, the authors have done a succinct and critical analysis of some theories of truth: deflationism, indeterminacy, insolubility, realism, and antirealism.
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  49. Transformative Experience and Decision Theory.Richard Pettigrew - 2015 - Philosophy and Phenomenological Research 91 (3):766-774.
    This paper is part of a book symposium for L. A. Paul (2014) Transformative Experience (OUP).
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  50. On Risk and Rationality.Brad Armendt - 2014 - Erkenntnis 79 (S6):1-9.
    It is widely held that the influence of risk on rational decisions is not entirely explained by the shape of an agent’s utility curve. Buchak (Erkenntnis, 2013, Risk and rationality, Oxford University Press, Oxford, in press) presents an axiomatic decision theory, risk-weighted expected utility theory (REU), in which decision weights are the agent’s subjective probabilities modified by his risk-function r. REU is briefly described, and the global applicability of r is discussed. Rabin’s (Econometrica 68:1281–1292, 2000) calibration theorem strongly suggests that (...)
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