Decision Theory

According to the Desiderative Lockean Thesis, there are necessary and sufficient conditions, stated in the terms of decision theory, for when one is truly said to want. I advance a new Desiderative Lockean view. My view is distinctive in being doubly context-sensitive. Want ascriptions exhibit a remarkable context-sensitivity: what a person is truly said to want varies by context in a variety of ways, a fact that has not been fully appreciated. Others Desiderative Lockeans attempt to capture the context-sensitivity in (...) want ascriptions by positing a single context-sensitive parameter. I posit two. Only with a doubly context-sensitive view can we explain a range of facts that go unexplained by all other Desiderative Lockean views. (shrink)

The Sure-Thing Principle famously appears in Savage’s axiomatization of Subjective Expected Utility. Yet Savage introduces it only as an informal, overarching dominance condition motivating his separability postulate P2 and his state-independence postulate P3. Once these axioms are introduced, by and large, he does not discuss the principle any more. In this note, we pick up the analysis of the Sure-Thing Principle where Savage left it. In particular, we show that each of P2 and P3 is equivalent to a dominance condition; (...) that they strengthen in different directions a common, basic dominance axiom; and that they can be explicitly combined in a unified dominance condition that is a candidate formal statement for the Sure-Thing Principle. Based on elementary proofs, our results shed light on some of the most fundamental properties of rational choice under uncertainty. In particular they imply, as corollaries, potential simplifications for Savage’s and the Anscombe- Aumann axiomatizations of Subjective Expected Utility. Most surprisingly perhaps, they reveal that in Savage’s axiomatization, P3 can be weakened to a natural strengthening of so-called Obvious Dominance. (shrink)

In this work, I investigate the implications of reversing the common assumption of rationality on behalf of human agents typically underlying philosophical research. Instead, I assume that human agents can become rational only if they learn to edge against their dumbness. Specifically, I show that intelligence cannot be considered the opposite of dumbness. To this end, I embrace the difference among System 1, System 2, and System 1.5. On these grounds, I argue that System 2 can be considered the system (...) of intelligence, whereas Systems 1 and 1.5 can be viewed as the systems of rationality. More precisely, I argue that System 2 concerns theoretical reasoning, whereas System 1 and 1.5 concern practical reasoning. Accordingly, I show that people are dumber whenever they fail to have rational control over System 1 via System 1.5, whereas people become more rational whenever they manage to have rational control over System 1 via System 1.5. Interestingly, both cases can be considered the causes of two distinct social processes. On one side, when dumbness increases among individuals, social groups achieve coordination that detriments general welfare. On the other, when dumbness decreases among individuals, social groups achieve coordination that maximizes general welfare. (shrink)

The aim of this paper is to provide a detailed characterisation of some ways in which our preferences reflect our reasons. I will argue that practical reasons can be characterised along two dimensions that influence our preferences: their balance and their weight. This is analogous to a similar characterisation of the way in which probabilities reflect the balance and weight of evidence in epistemology. In this paper, I will illustrate the distinction between the balance and weight of reasons, and show (...) how this is crucial for an adequate account of preference and choice. The upshot is a more complete picture of a particular kind of decision, labelled by Isaac Levi and, more recently, Ruth Chang as ‘hard choices’. These are choices in which one option is better than another in some ways, the other is better than the first in some ways, but neither seems better overall. The distinction between the balance and weight of reasons presents a new way of understanding how hard choices vary by degree and what it is that makes them so hard. (shrink)

Hot-cold empathy gaps are a pervasive phenomena wherein one’s predictions about others tend to skew ‘in the direction’ of one’s own current visceral states. For instance, when one predicts how hungry someone else is, one’s prediction will tend to reflect one’s own current hunger state. These gaps also obtain intrapersonally, when one attempts to predict what one oneself would do at a different time. In this paper, we do three things: We draw on empirical evidence to argue that so-called hot-cold (...) empathy gaps arise when one projects one’s own current state into a simulation about another. Second, we argue that this process does not typically confer knowledge, even when the predictions it produces happen to be accurate. Third, we suggest that these results can be used to develop a challenge for L.A. Paul's view that authentic action sometimes requires subjective knowledge of one’s own values and how these values relate to relevant outcomes. We then sketch an alternative view of the epistemic grounds of authenticity, one on which authenticity requires a kind of understanding. The relevant form of understanding can be achieved by subjective knowledge but can also be achieved elsewise, such as through testimony from a close friend about what one values. (shrink)

A lively topic of debate in decision theory over recent years concerns our understanding of the different risk attitudes exhibited by decision makers. There is ample evidence that risk-averse and risk-seeking behaviours are widespread, and a growing consensus that such behaviour is rationally permissible. In the context of clinical medicine, this matter is complicated by the fact that healthcare professionals must often make choices for the benefit of their patients, but the norms of rational choice are conventionally grounded in a (...) decision maker’s own desires, beliefs and actions. The presence of both doctor and patient raises the question of whose risk attitude matters for the choice at hand and what to do when these diverge. Must doctors make risky choices when treating risk-seeking patients? Ought they to be risk averse in general when choosing on behalf of others? In this paper, I will argue that healthcare professionals ought to adopt a deferential approach, whereby it is the risk attitude of the patient that matters in medical decision making. I will show how familiar arguments for widely held anti-paternalistic views about medicine can be straightforwardly extended to include not only patients’ evaluations of possible health states, but also their attitudes to risk. However, I will also show that this deferential view needs further refinement: patients’ higher-order attitudes towards their risk attitudes must be considered in order to avoid some counterexamples and to accommodate different views about what sort of attitudes risk attitudes actually are. (shrink)

I explain the shutdown problem: the problem of designing artificial agents that (1) shut down when a shutdown button is pressed, (2) don’t try to prevent or cause the pressing of the shutdown button, and (3) otherwise pursue goals competently. I prove three theorems that make the difficulty precise. These theorems show that agents satisfying some innocuous-seeming conditions will often try to prevent or cause the pressing of the shutdown button, even in cases where it’s costly to do so. And (...) patience trades off against shutdownability: the more patient an agent, the greater the costs that agent is willing to incur to manipulate the shutdown button. I end by noting that these theorems can guide our search for solutions. (shrink)

Some normative theories are self-defeating. They tell us to respond to our situations in ways that bring about outcomes that are bad, given the aims of the theories, and which could have been avoided. Across a wide range of debates in ethics, decision theory, political philosophy, and formal epistemology, many philosophers treat the fact that a normative theory is self-defeating as sufficient grounds for rejecting it. I argue that this widespread and consequential assumption is false. In particular, I argue that (...) a theory can be self-defeating and still internally consistent, action-guiding, and suitable as a standard for criticism. (shrink)

Theories of rational decision making often abstract away from computational and other resource limitations faced by real agents. An alternative approach known as resource rationality puts such matters front and center, grounding choice and decision in the rational use of finite resources. Anticipated by earlier work in economics and in computer science, this approach has recently seen rapid development and application in the cognitive sciences. Here, the theory of rationality plays a dual role, both as a framework for normative assessment (...) and as a source of scientific hypotheses about how mental processes in fact work. The latter project, often called rational analysis, depends for its success on a fine-grained characterization of the computational problem facing a decision maker, which may in turn depend on realistic assumptions about what the relevant agent is like. As a consequence, resource rationality involves a delicate, but often fruitful interplay between the normative and the descriptive. (shrink)

There are 1,000 of us and one victim. We each increase the level at which a "discomfort machine" operates on the victim---leading to great discomfort. Suppose that consecutive levels of the machine are so similar that the victim cannot distinguish them. Have we acted permissibly? According to the "no-difference argument" the answer is "yes" because each of our actions was guaranteed to make the victim no worse off. This argument is of interest because if it is sound, similar arguments threaten (...) intuitive moral verdicts about many cases in which a large number of individual choices cumulatively make a great difference, while each choice seems to make no difference on its own. But the argument is not sound, as is shown by a simple objection based on a plausible dominance principle---an objection that avoids challenges that have been brought against previous criticisms of the no difference argument. (shrink)

Recent scoreboard models of conversation, in addition to modeling update effects of assertions and questions, also make sense of how one may react to such discourse moves. An account of acceptance and rejection is captured by Farkas & Bruce (2010), while Bledin & Rawlins (2020) have recently made sense of how one may resist an assertion too. For rejection and resistance of assertions, truth comes out to be a crucial notion. Between X and Y, if Y doesn't believe p to (...) be true, then Y might resist or reject X's assertion of p. For questions however, truth cannot serve this purpose. A complete model of discourse would seek to offer explanation of resisting questions. Much like Bledin & Rawlins, one can non-exhaustively enumerate a class of resistance moves. In many ways, one can resist a request to make a particular question QUD. In this paper, we raise following question: which notion can serve to explain question uptake in discourse? In our paper, we show how the expected utility value (EUV) of questions can serve this role for questions. EUV is used by van Rooij (2003) to give an account of interpretation of questions; we think it can serve our intended purposes too. To demonstrate plausibility, we build a workable formalism. (shrink)

Los aspectos ético y moral se insertan en los problemas de la filosofía antigua, aspectos que han sido tenidos en cuenta como determinantes en la búsqueda de la vida feliz. Una de tantas propuestas fue desarrollada por el heleno Epicuro oriundo de la isla de Samos quien argumenta que el placer es el fin de la vida feliz. Tal identificación del placer con la felicidad ha sido fundamento para que otros pensadores cataloguen a este filósofo de libertino, promiscuo, antimoral, etc. (...) Así pues, el presente estudio se desarrolla desde una propuesta hermenéutica que contribuya a la interpretación veraz de la filosofía ética epicúrea. Además, se pretende argumentar desde la objetividad el verdadero sentido del placer rebatiendo toda opción que le perfila desde la práctica como elemento propicio para la lujuria, derroche, narcisismo; e inclusive impugnar aquellas conjeturas que profieren falacias en torno al tema en desarrollo. (shrink)

It is a commonplace in economics that we should disregard sunk costs. The sunk cost effect might be widespread, goes the conventional wisdom, but we would be better off if we could rid ourselves of it. In this paper, I argue against the orthodoxy by showing that the sunk cost effect is often beneficial. Drawing on discussions of related topics in dynamic choice theory, I show that, in a range of cases, being disposed to honor sunk costs allows an agent (...) to mimic a resolute chooser, someone who adopts the best plan at the outset of a decision problem and sticks with it, even when resoluteness is unfeasible. I discuss several kinds of cases in which honoring sunk costs coincides with resolute choice. (shrink)

The deceptive strangeness of prescience in Dune is typical of Herbert's ideas. The ancient Babylonians were able to systematically predict astronomical events, but contemporary astrophysicists can forecast distant events beyond the Babylonians’ wildest dreams. Herbert describes the prescience of characters like Paul as a hyperawareness of possibilities and probabilities given certain choices, rather than being able to examine a fixed future. Common sense suggests that prescience should help us live together better. The Prisoner's Dilemma can be interpreted in different ways, (...) but the basic logic is always the same. The Prisoner's Dilemma is an imaginary interaction between “prisoners,” but it actually might make more sense with prescient characters from the Duniverse. Stuart Hampshire argued that self‐knowledge tends to have the opposite effect – that it makes us freer. Prescience is a vastly expanded understanding of possible and probable consequences given information and choices, not the observation of a fixed future. (shrink)

Several philosophers have proposed Knowledge-Based Decision Theories (KDTs)—theories that require agents to maximize expected utility as yielded by utility and probability functions that depend on the agent’s knowledge. Proponents of KDTs argue that such theories are motivated by Knowledge-Reasons norms that require agents to act only on reasons that they know. However, no formal derivation of KDTs from Knowledge-Reasons norms has been suggested, and it is not clear how such norms justify the particular ways in which KDTs relate knowledge and (...) rational action. In this paper, I suggest a new axiomatic method for justifying KDTs and providing them with stronger normative foundations. I argue that such theories may be derived from constraints on the relation between knowledge and preference, and that these constraints may be evaluated relative to intuitions regarding practical reasoning. To demonstrate this, I offer a representation theorem for a KDT proposed by Hawthorne and Stanley (2008) and briefly evaluate it through its underlying axioms. -/- In section 1, I present knowledge-based decision theories generally and the versions of such theories suggested in the literature. In section 2, I argue that KDTs and theories of practical reasoning conjoined with Knowledge-Reasons norms generate constraints on the same relation—the relation between knowledge and preference. In section 3, I present a formal framework in which constraints on this relation may be expressed and from which KDTs may be derived. In section 4, I present a representation theorem for a specific KDT. In section 5, I briefly evaluate the axioms of the theory, and in section 6, I conclude. (shrink)

We direct different attitudes towards states of affairs depending on where in time those states of affairs are located. Call this the type asymmetry. The type asymmetry appears fitting. For instance, it seems fitting to feel guilt or regret only about states of affairs that are past, and anticipation only of states of affairs that are future. It has been argued that the type asymmetry could only be fitting if there are tensed facts, and hence that since it is fitting, (...) there are tensed facts. In this paper I argue that tensed facts are not necessary to ground the fittingness of the type asymmetry, and thus we have no reason, arising from the fittingness of the asymmetry, to posit such facts. I also argue for a stronger conclusion: even if these facts obtain they are no part of what grounds the fittingness of the type asymmetry. These facts are explanatorily redundant. (shrink)

Bounded rationality gets a bad rap in epistemology. It is argued that theories of bounded rationality are overly context-sensitive; conventionalist; or dependent on ordinary language. In this paper, I have three aims. The first is to set out and motivate an approach to bounded rationality in epistemology inspired by traditional theories of bounded rationality in cognitive science. My second aim is to show how this approach can answer recent challenges raised for theories of bounded rationality. My third aim is to (...) clarify the role of rational ideals in bounded rationality. (shrink)

L'objective principal de cette étude est d'observer comment certains des attributs evolutives essentiels de l'humanité, comme la criativité, l'imagination et la association, peuvent devenir une maladie dangereuse, à labri des ombres brumeuses de l'inteligence.

On the standard interpretation, if a person holds cyclical preferences, the person is prone to acting irrationally. I provide a different interpretation, tying cyclical preferences not to irrationality, but to indecision. According to this alternative understanding – coined the indecision interpretation – top cycles in a person’s preferences can be associated with a difficulty in justifying one’s choice. If an agent’s justificatory impasse persists despite attempts to resolve the cycle, the agent can be deemed undecided. The indecision interpretation is compatible (...) with the standard interpretation of such cycles as instances of irrationality. Yet indecision corresponds to a first-person, non-instrumental perspective on the problem, whereas irrationality usually corresponds to a third-person, instrumental perspective. Due to these differences, interpreting cycles in terms of indecision offers a novel conceptual perspective, pertinent both for explanatory purposes and for the aim of normative theorizing. (shrink)

How do you make decisions under ignorance? That is, how do you decide when you lack subjective probabilities for some of your options’ possible outcomes? One answer is that you follow the Laplace Rule: you assign an equal probability to each state of nature for which you lack a subjective probability (that is, you use the Principle of Indifference) and then you maximize expected utility. The most influential objection to the Laplace Rule is that it is sensitive to the individuation (...) of states of nature. This sensitivity is problematic because the individuation of states seems arbitrary. In this paper, however, I argue that this objection proves too much. I argue that all plausible rules for decisions under ignorance are sensitive to the individuation of states of nature. (shrink)

People reason not only in beliefs, but also in intentions, preferences, and other attitudes. They form preferences from existing preferences, or intentions from existing beliefs and intentions, and so on. This often involves choosing between rival conclusions. Building on Broome (Rationality through reasoning, Hoboken, Wiley. https://doi.org/10.1002/9781118609088, 2013) and Dietrich et al. (J Philos 116:585–614. https://doi.org/10.5840/jphil20191161138, 2019), we present a philosophical and formal analysis of reasoning in attitudes, with or without facing choices in reasoning. We give different accounts of choosing, in (...) terms of a conscious activity or a partly subconscious process. Reasoning in attitudes differs fundamentally from reasoning _about_ attitudes, a form of theoretical reasoning in which one discovers rather than forms attitudes. We show that reasoning in attitudes has standard formal properties (such as monotonicity), but is indeterministic, reflecting choice in reasoning. Like theoretical reasoning, it need not follow logical entailment, but for a more radical reason, namely indeterminism. This makes reasoning in attitudes harder to model logically than theoretical reasoning. But it can be studied abstractly, using indeterministic consequence operators. (shrink)

Craig Callender [2022] provides a novel challenge to the non-arbitrariness principle. His challenge plays an important role in his argument for the rational permissibility of a non-exponential temporal discounting rate. But the challenge is also of wider interest: it raises significant questions about whether we ought to accept the non-arbitrariness principle as a constraint on rational preferences. In this paper, I present two reasons to resist Callender’s challenge. First, I present a reason to reject his claim that the non-arbitrariness principle (...) only targets pure time preferences. Second, I criticize the inference Callender draws from a modest claim to a much stronger claim. The modest claim is that it can be hard to reveal the contents of an agent’s preferences. The stronger claim is that this provides us with a reason to reject a certain kind of normative constraint on rational preferences. I argue that the modest claim doesn’t motivate the stronger claim. The upshot of my two arguments is good news for those sympathetic to the non-arbitrariness principle: Callender’s challenge can be overcome, at least as it currently stands. (shrink)

This paper challenges the conventional wisdom dominating the social sciences and philosophy regarding temporal discounting, the practice of discounting the value of future utility when making decisions. Although there are sharp disagreements about temporal discounting, a kind of standard model has arisen, one that begins with a normative standard about how we should make intertemporal comparisons of utility. This standard demands that in so far as one is rational one discounts utilities at future times with an exponential discount function. Tracing (...) the justification for this standard through economics, philosophy and psychology, I’ll make what I believe is the best case one can for it, showing how a non-arbitrariness assumption and a dominance argument together imply that discounting ought to be exponential. Ultimately, however, I don’t find the case compelling. Non-exponential temporal discounting is often rational. If this is correct, Instead of trying to ‘fix’ non-exponential discounting because it is irrational and associated with negative life outcomes, we might instead focus attention on why the conditions obtain that make such discounting rational. (shrink)

There has been a movement aiming to teach agents about their privilege by making the information about their privilege as costless as possible. However, some argue that in risk-sensitive frameworks, such as Lara Buchak’s (2013), it can be rational for privileged agents to shield themselves from learning about their privilege, even if the information is costless and relevant. This threatens the efficacy of these information-access efforts in alleviating the problem of elite-group ignorance. In response, I show that even within the (...) same framework, in this case David Kinney and Liam Kofi Bright’s (2021), the rationality of this information avoidance rests on shaky ground in practice. In this framework, whether an agent should avoid information depends on the precise details of (1) how relevant they expect the information to be, (2) their priors about the value of various options, and (3) their risk attitudes. The model suggests that the rationality of elite-group ignorance is a function of structural factors that are pervasive but nonetheless not insurmountable, thus offering a way out of pessimism about elite group education. (shrink)

The notion of comparative probability defined in Bayesian subjectivist theory stems from an intuitive idea that, for a given pair of events, one event may be considered “more probable” than the other. Yet it is conceivable that there are cases where it is indeterminate as to which event is more probable, due to, e.g., lack of robust statistical information. We take that these cases involve indeterminate comparative probabilities. This paper provides a Savage-style decision-theoretic foundation for indeterminate comparative probabilities.

Tomis Kapitan’s work on Peirce’s conception of abduction was instrumental for our coming to see how Peircean abduction both relates to and is importantly different from inference to the best explanation (IBE). However, he ultimately concluded that Peirce’s conception of abduction was a muddle. Despite the deeply problematic nature of Peirce’s theory of abduction in these respects, Kapitan’s work on Peircean abduction offers insight into the nature of abductive inquiry that is importantly relevant to the task of making sense of (...) explanatory inquiry in the sciences in general. The view developed here stems from his work and involves disambiguating three forms of inference involved in Peircean abduction in terms of Reichenbach’s and Laudan’s context models of inquiry. Importantly, this includes understanding that abduction involves the context of pursuit. (shrink)

Evidential decision theory (EDT) says that the choiceworthiness of an option depends on its evidential connections to possible outcomes. Causal decision theory (CDT) holds that it depends on your beliefs about its causal connections. While Newcomb cases support CDT, Arif Ahmed has described examples that support EDT. A new account is needed to get all cases right. I argue that an option A’s choiceworthiness is determined by the probability that a good outcome ensues at possible A-worlds that match actuality in (...) the facts causally unaffected by your decision (the “unaffected facts”). Moreover, you should evaluate A on the assumption that A is compossible with the unaffected facts. This view entails that you should use EDT when evaluating A on the assumption that the unaffected facts determine your action, but use CDT when assessing A on the opposite assumption. A’s choiceworthiness equals a weighted average of these conditional assessments. The weights are determined by your beliefs about whether the unaffected fact determine your action. This account gets both Newcomb and Ahmed cases right. According to an influential view, whether you take the unaffected facts to determine your action can make a difference to whether you can regard yourself as free and the action as being under your control. While my account is neutral on this issue, it entails that whether you take the unaffected facts to determine your action is important in a different way: it matters to whether you should follow EDT or CDT. (shrink)

My aim in this paper is to develop a unified solution to two paradoxes of bounded rationality. The first is the regress problem that incorporating cognitive bounds into models of rational decisionmaking generates a regress of higher-order decision problems. The second is the problem of rational irrationality: it sometimes seems rational for bounded agents to act irrationally on the basis of rational deliberation. I review two strategies which have been brought to bear on these problems: the way of weakening which (...) responds by weakening rational norms, and the way of indirection which responds by letting the rationality of behavior be determined by the rationality of the deliberative processes which produced it. Then I propose and defend a third way to confront the paradoxes: the way of level separation. (shrink)

It would be good to have a Bayesian decision theory that assesses our decisions and thinking according to everyday standards of rationality — standards that do not require logical omniscience (Garber 1983, Hacking 1967). To that end we develop a “fragmented” decision theory in which a single state of mind is represented by a family of credence functions, each associated with a distinct choice condition (Lewis 1982, Stalnaker 1984). The theory imposes a local coherence assumption guaranteeing that as an agent's (...) attention shifts, successive batches of "obvious" logical information become available to her. A rule of expected utility maximization can then be applied to the decision of what to attend to next during a train of thought. On the resulting theory, rationality requires ordinary agents to be logically competent and to often engage in trains of thought that increase the unification of their states of mind. But rationality does not require ordinary agents to be logically omniscient. (shrink)

Sometimes we make a decision about an action we will undertake later and form an intention, but our judgment of what it is best to do undergoes a temporary shift when the time for action comes round. What makes it rational not to give in to temptation? Many contemporary solutions privilege diachronic rationality; in some “rational non-reconsideration” (RNR) accounts once the agent forms an intention, it is rational not to reconsider. This leads to other puzzles: how can someone be motivated (...) to follow a plan that is contrary to their current judgment? How can it be rational to form a plan to resist if we can predict that our judgment will shift? I show how these puzzles can be solved in a framework where there are multiple units of agency, distinguishing between the judgments of the timeslice and those of the person over time, and allowing that the timeslice can “self identify”, taking the person over time as the relevant unit of agency and doing intrapersonal team reasoning (with a different causal role for intentions than RNR accounts). On my account, resisting temptation is compatible with synchronic rationality, so synchronic and diachronic rationality are aligned. However, either resisting or succumbing to temptation can be instrumentally rational, depending on the unit of agency that is identified with. In order to show why we ought to resist temptation, we need to draw on a non-instrumental rationale. I sketch possible routes for doing this. (shrink)

It is not uncommon in the history of science and philosophy to encounter crucial experiments or crucial objections the truth-value of which we are ignorant, that is, about which we suspend judgment. Should we ignore such objections? Contrary to widespread practice, I show that in and only in some circumstances they should not be ignored, for the epistemically rational doxastic attitude is to suspend judgment also about the hypothesis that the objection targets. In other words, suspension of judgment "propagates" from (...) the crucial objection to the hypothesis. In this paper I study under which conditions this phenomenon occurs, and discuss its significance for the topics of skepticism and scientific realism. (shrink)

We are often justified in acting on the basis of evidential confirmation. I argue that such evidence supports belief in non-quantificational generic generalizations, rather than universally quantified generalizations. I show how this account supports, rather than undermines, a Bayesian account of confirmation. Induction from confirming instances of a generalization to belief in the corresponding generic is part of a reasoning instinct that is typically (but not always) correct, and allows us to approximate the predictions that formal epistemology would make.

Choices confront us with questions. How we act depends on our answers to those questions. So the way our beliefs guide our choices is not just a function of their informational content, but also depends systematically on the questions those beliefs address. This paper gives a precise account of the interplay between choices, questions and beliefs, and harnesses this account to obtain a principled approach to the problem of deduction. The result is a novel theory of belief-guided action that explains (...) and predicts the decisions of agents who, like ourselves, fail to be logically omniscient: that is, of agents whose beliefs may not be deductively closed, or even consistent. (Winner of the 2021 Isaac Levi Prize.). (shrink)

Laurie Paul argues that, when it comes to many of your most significant life-changing decisions, the principles of rational choice are silent. That is because, in these cases, you anticipate that one of your choice options would yield a transformative experience. We argue that such decisions are best seen as ones in which you anticipate awareness growth. You do not merely lack knowledge about which possible outcome will arise from a transformative option; you lack knowledge about what are the possible (...) outcomes. We show how principles of rational choice can be extended to cases of anticipated awareness growth. (shrink)

We investigate risk attitudes when the underlying domain of payoffs is finite and the payoffs are, in general, not numerical. In such cases, the traditional notions of absolute risk attitudes, that are designed for convex domains of numerical payoffs, are not applicable. We introduce comparative notions of weak and strong risk attitudes that remain applicable. We examine how they are characterized within the rank-dependent utility model, thus including expected utility as a special case. In particular, we characterize strong comparative risk (...) aversion under rank-dependent utility. This is our main result. From this and other findings, we draw two novel conclusions. First, under expected utility, weak and strong comparative risk aversion are characterized by the same condition over finite domains. By contrast, such is not the case under non-expected utility. Second, under expected utility, weak comparative risk aversion is characterized by the same condition when the utility functions have finite range and when they have convex range. By contrast, such is not the case under non-expected utility. Thus, considering comparative risk aversion over finite domains leads to a better understanding of the divide between expected and non-expected utility, more generally, the structural properties of the main models of decision-making under risk. (shrink)

Consider a subjective expected utility preference relation. It is usually held that the representations which this relation admits differ only in one respect, namely, the possible scales for the measurement of utility. In this paper, I discuss the fact that there are, metaphorically speaking, two additional dimensions along which infinitely many more admissible representations can be found. The first additional dimension is that of state-dependence. The second—and, in this context, much lesser-known—additional dimension is that of act-dependence. The simplest implication of (...) their usually neglected existence is that the standard axiomatizations of subjective expected utility fail to provide the measurement of subjective probability with satisfactory behavioral foundations. (shrink)

A book review of Frank Ramsey: A Sheer Excess of Powers, by Cheryl Misak (OUP, 2020).

Cette note épistémologique porte sur le statut, en théorie de la décision, des concepts d’attitude par rapport au risque. A première vue, l’analyse axiomatique ne les exploite pas, ce qui reflète une certaine neutralité des modèles de décision au sujet de l’attitude par rapport au risque. Mais un examen plus poussé met en valeur la variation conditionnelle et le renforcement de l’attitude par rapport au risque, qui rattachent les concepts d’attitude par rapport au risque à l’analyse axiomatique.

The phenomenon of weakness of will – not doing what we perceive as the best action – is not recognized by neoclassical economics due to the axiomatic assumptions of the revealed preference theory (RPT) that people do what is best for them. However, present bias shows that people have different preferences over time. As they cannot be compared by the utility measurements, economists need to normatively decide between selves (short- versus long-term preferences). A problem is that neoclassical economists perceive RPT (...) as value-free and incorporate present bias within the economic framework. The axiomatic assumption that people do what is best for them leads to theoretical and practical dilemmas. This work examines weakness of will to resolve some shortcomings of RPT. The concept of intention is used to provide multiple self conception with the framework to decide between selves, which had not been done before. The paper concludes that individuals should not always follow their revealed preferences (desires) but the intentions (reason) because the latter indicates what people really want. (shrink)

Traditional theistic arguments conclude that God exists. Pragmatic theistic arguments, by contrast, conclude that you ought to believe in God. The two most famous pragmatic theistic arguments are put forth by Blaise Pascal (1662) and William James (1896). Pragmatic arguments for theism can be summarized as follows: believing in God has significant benefits, and these benefits aren’t available for the unbeliever. Thus, you should believe in, or ‘wager on’, God. This article distinguishes between various kinds of theistic wagers, including finite (...) vs. infinite wagers, premortem vs. postmortem wagers, and doxastic vs. acceptance wagers. Then, we’ll turn to the epistemic-pragmatic distinction, and discusses the nuances of James’ argument, and how views like epistemic permissivism and epistemic consequentialism provide unique “hybrid” wagers. Finally, we’ll cover outstanding objections and responses. (shrink)

The traditional conception of risk is probabilistic, according to which the degree of risk of an event is determined by the probability of its occurence. Recently this view was challenged by Duncan Pritchard (2015, 2016), who suggested a modal theory of risk, centered in the idea that the riskiness of events depends on the modal distance between the actual world and worlds where the event obtains. What is attractive about this theory, according to Pritchard, is that it explains our judgement (...) about cases in which two equally probable events seem to have different degrees of risk. The modal theory of risk, however, has its own shortcomings: according to Bricker (2018), there are cases in which risk judgements are not tracking modal distance; there is also the problem of determining the risk of events that occur in the actual world, since the theory seems to imply that they are maximally risky because the actual world is maximally similar to itself (EBERT; SMITH; DURBACH, 2020). The modal conception of risk is also at odds with the most natural forms of reasoning over the morality of risk imposition. I begin exploring the two conceptions of risk, emphasizing their strenghts and weaknesses. I then argue that the probabilistic conception can be defended from objections, and a pluralistic theory of risk, although less unified, deserves to be considered. -/- . (shrink)

I argue that normative formal epistemology (NFE) is best understood as modelling, in the sense that this is the reconstruction of its methodology on which NFE is doing best. I focus on Bayesianism and show that it has the characteristics of modelling. But modelling is a scientific enterprise, while NFE is normative. I thus develop an account of normative models on which they are idealised representations put to normative purposes. Normative assumptions, such as the transitivity of comparative credence, are characterised (...) as modelling idealisations motivated normatively. I then survey the landscape of methodological options: what might formal epistemologists be up to? I argue the choice is essentially binary: modelling or theorising. If NFE is theorising it is doing very poorly: generating false claims with no clear methodology for separating out what is to be taken seriously. Modelling, by contrast, is a successful methodology precisely suited to the management of useful falsehoods. Regarding NFE as modelling is not costless, however. First, our normative inferences are less direct and are muddied by the presence of descriptive idealisations. Second, our models are purpose-specific and limited in their scope. I close with suggestions for how to adapt our practice. (shrink)

The basic axioms or formal conditions of decision theory, especially the ordering condition put on preferences and the axioms underlying the expected utility formula, are subject to a number of counter-examples, some of which can be endowed with normative value and thus fall within the ambit of a philosophical reflection on practical rationality. Against such counter-examples, a defensive strategy has been developed which consists in redescribing the outcomes of the available options in such a way that the threatened axioms or (...) conditions continue to hold. We examine how this strategy performs in three major cases: Sen's counterexamples to the binariness property of preferences, the Allais paradox of EU theory under risk, and the Ellsberg paradox of EU theory under uncertainty. We find that the strategy typically proves to be lacking in several major respects, suffering from logical triviality, incompleteness, and theoretical insularity. To give the strategy more structure, philosophers have developed “principles of individuation”; but we observe that these do not address the aforementioned defects. Instead, we propose the method of checking whether the strategy can overcome its typical defects once it is given a proper theoretical expansion. We find that the strategy passes the test imperfectly in Sen's case and not at all in Allais's. In Ellsberg's case, however, it comes close to meeting our requirement. But even the analysis of this more promising application suggests that the strategy ought to address the decision problem as a whole, rather than just the outcomes, and that it should extend its revision process to the very statements it is meant to protect. Thus, by and large, the same cautionary tale against redescription practices runs through the analysis of all three cases. A more general lesson, simply put, is that there is no easy way out from the paradoxes of decision theory. (shrink)

Traditionally, logic has been the dominant formal method within philosophy. Are logical methods still dominant today, or have the types of formal methods used in philosophy changed in recent times? To address this question, we coded a sample of philosophy papers from the late 2000s and from the late 2010s for the formal methods they used. The results indicate that the proportion of papers using logical methods remained more or less constant over that time period but the proportion of papers (...) using probabilistic methods was approximately three times higher in the late 2010s than it was in the late 2000s. Further analyses explored this change by looking more closely at specific methods, specific levels of technical engagement, and specific subdisciplines within philosophy. These analyses indicate that the increasing proportion of papers using probabilistic methods was pervasive, not confined to particular probabilistic methods, levels of sophistication, or subdisciplines. (shrink)

This paper is about two requirements on wish reports whose interaction motivates a novel semantics for these ascriptions. The first requirement concerns the ambiguities that arise when determiner phrases, such as definite descriptions, interact with ‘wish’. More specifically, several theorists have recently argued that attitude ascriptions featuring counterfactual attitude verbs license interpretations on which the determiner phrase is interpreted relative to the subject’s beliefs. The second requirement involves the fact that desire reports in general require decision-theoretic notions for their analysis. (...) The current study is motivated by the fact that no existing account captures both of these aspects of wishing. I develop a semantics for wish reports that makes available belief-relative readings but also allows decision-theoretic notions to play a role in shaping the truth conditions of these ascriptions. The general idea is that we can analyze wishing in terms of a two-dimensional notion of expected utility. (shrink)

Neoclassical economists use expected utility theory to explain, predict, and prescribe choices under risk, that is, choices where the decision-maker knows---or at least deems suitable to act as if she knew---the relevant probabilities. Expected utility theory has been subject to both empirical and conceptual criticism. This chapter reviews expected utility theory and the main criticism it has faced. It ends with a brief discussion of subjective expected utility theory, which is the theory neoclassical economists use to explain, predict, and prescribe (...) choices under uncertainty, that is, choices where the decision-maker cannot act on the basis of objective probabilities but must instead consult her own subjective probabilities. (shrink)

Critical race theorists and standpoint epistemologists argue that agents who are members of dominant social groups are often in a state of ignorance about the extent of their social dominance, where this ignorance is explained by these agents' membership in a socially dominant group (e.g., Mills 2007). To illustrate this claim bluntly, it is argued: 1) that many white men do not know the extent of their social dominance, 2) that they remain ignorant as to the extent of their dominant (...) social position even where this information is freely attainable, and 3) that this ignorance is due in part to the fact that they are white men. We argue that on Buchak's (2010, 2013) model of risk averse instrumental rationality, ignorance of one's privileges can be rational. This argument yields a new account of elite-group ignorance, why it may occur, and how it might be alleviated. (shrink)

This essay investigates, via the concepts of the philosophy of orientation, Annie Duke’s decision-making theory in "Thinking in Bets" and scrutinizes as to what extent one can universalize the 'orientation skill' of decision-making with regard to our everyday and professional life.