We propose a model of an agent’s probability and utility that is a compromise between Savage (The foundations of statistics, Wiley, 1954) and Jeffrey (The Logic of Decision, McGraw Hill, 1965). In Savage’s model the probability–utility pair is associated with preferences over acts which are assignments of consequences to states. The probability is defined on the state space, and the utility function on consequences. Jeffrey’s model has no consequences, and both probability and utility are defined on the same set of (...) propositions. The probability–utility pair is associated with a desirability relation on propositions. Like Savage we assume a set of consequences and a state space. However, we assume that states are comprehensive, that is, each state describes a consequence, as in Aumann (Econometrica 55:1–18, 1987). Like Jeffrey, we assume that the agent has a preference relation, which we call desirability, over events, which by definition involves uncertainty about consequences. For a given probability and utility of consequences, the desirability relation is presented by conditional expected utility, given an event. We axiomatically characterize desirability relations that are represented by a probability–utility pair. We characterize the family of all the probability–utility pairs that represent a given desirability relation. (shrink)

Recent work has formally linked the traditional axiomatisation of incomplete preferences à la Anscombe-Aumann with the theory of desirability developed in the context of imprecise probability, by showing in particular that they are the very same theory. The equivalence has been established under the constraint that the set of possible prizes is finite. In this paper, we relax such a constraint, thus de facto creating one of the most general theories of rationality and decision making available today. We provide the (...) theory with a sound interpretation and with basic notions, and results, for the separation of beliefs and values, and for the case of complete preferences. Moreover, we discuss the role of conglomerability for the presented theory, arguing that it should be a rationality requirement under very broad conditions. (shrink)

Modern belief revision theory is based to a large extent on partial meet contraction that was introduced in the seminal article by Carlos Alchourrón, Peter Gärdenfors, and David Makinson that appeared in 1985. In the same year, Alchourrón and Makinson published a significantly different approach to the same problem, called safe contraction. Since then, safe contraction has received much less attention than partial meet contraction. The present paper summarizes the current state of knowledge on safe contraction, provides some new results (...) and offers a list of unsolved problems that are in need of investigation. (shrink)

A necessary and sufficient condition in terms of a de Finetti style representation is given for a probability function in Polyadic Inductive Logic to satisfy being part of a Language Invariant family satisfying Spectrum Exchangeability. This theorem is then considered in relation to the unary Carnap and Nix–Paris Continua.

La Interpretación de los Muchos Mundos de la Mecánica Cuántica se enfrenta desde su origen al problema de cómo reconciliar la naturaleza probabilística de la teoría cuántica con una descripción determinista del Universo en la que todas las posibilidades se actualizan. En este trabajo se busca presentar la situación del problema a través de las soluciones propuestas por Lev Vaidman y David Deutsch y ponerlas en relación, además de plantear la probabilidad como un postulado epistemológico de acuerdo con su interpretación (...) subjetivista. (shrink)

Choice under uncertainty is treated in economics by different approaches. We can distinguish three of them, two of which concern individual choice, while the third frames individual choices within the analysis of the social system. The first approach can determine how a rational decision-maker must choose; the second one how a real decision-maker behaves; and the third one how decision-makers are represented in the general economic theory. The main theories that result from these approaches are briefly presented. This paper considers, (...) in particular, the third approach, which is the most general since it represents preferences by means of a continuous utility function of the possible outcomes, without any specification with regard to uncertainty. The link between the reservation prices of bets on events and their subjective probabilities is examined. It is shown as the additivity condition for these price-probabilities is not required by the Dutch book argument if preferences are represented by a continuous utility function that is not differentiable. (shrink)

Prioritized bases, i.e., weakly ordered sets of sentences, have been used for specifying an agent’s ‘basic’ or ‘explicit’ beliefs, or alternatively for compactly encoding an agent’s belief state without the claim that the elements of a base are in any sense basic. This paper focuses on the second interpretation and shows how a shifting of priorities in prioritized bases can be used for a simple, constructive and intuitive way of representing a large variety of methods for the change of belief (...) states—methods that have usually been characterized semantically by a system-of-spheres modeling. Among the methods represented are ‘radical’, ‘conservative’ and ‘moderate’ revision, ‘revision by comparison’ in its raising and lowering variants, as well as various constructions for belief expansion and contraction. Importantly, none of these methods makes any use of numbers. (shrink)

We give a brief account of some de Finetti style representation theorems for probability functions satisfying Spectrum Exchangeability in Polyadic Inductive Logic, together with applications to Non-splitting, Language Invariance, extensions with Equality and Instantial Relevance.