In “Bayesianism, Infinite Decisions, and Binding”, Arntzenius et al. (Mind 113:251–283, 2004 ) present cases in which agents who cannot bind themselves are driven by standard decision theory to choose sequences of actions with disastrous consequences. They defend standard decision theory by arguing that if a decision rule leads agents to disaster only when they cannot bind themselves, this should not be taken to be a mark against the decision rule. I show that this claim has surprising implications for a (...) number of other debates in decision theory. I then assess the plausibility of this claim, and suggest that it should be rejected. (shrink)

I defend evidential decision theory and the theory of deliberation-probability dynamics from a recent criticism advanced by Jordan Howard Sobel. I argue that his alleged counterexample to the theories, called the Popcorn Problem is not a genuine counterexample.

Rational actions reflect beliefs and preferences in certain orderly ways. The problem of theory is to explain which beliefs and preferences are relevant to the rationality of particular actions, and exactly how they are relevant. One distinction of interest here is between an agent's beliefs and preferences just before an action's time, and his beliefs and preferences at its time. Theorists do not agree about the times of beliefs and desires that are relevant to the rationality of action. Another distinction (...) is between actions that would, in one sense or another, maximize expected utilities given relevant beliefs and desires, and actions, decisions for which would, in one sense or another, be stable. There is disagreement about the relevance of these things to the rationality of actions. Here, in the first part below, several possible positions on these issues are explained and compared. In the second part, I contrast perspectives on these issues, and comment on arguments that might be brought against the position I favor. In the third part, I restate and elaborate on this position. (shrink)

An option available to an agent is stable if it maximizes expected utility on the hypothetical assumption that the agent is going to choose it. As is well known, some decision problems lack a stable solution. Paul Weirich (1986 and 1988) has recently proposed a decision principle which prescribes that the option chosen should be at least weakly stable--or "weakly ratifiable", to use his terminology. According to him, full stability is an excessively strong demand. I shall argue that Weirich's proposal (...) conflicts with the familiar condition of dominance. But I shall also prove that this difficulty can be avoided if we replace weak stability by "moderate" stability--where the latter property is somewhat stronger than the former. It will be seen, however, that this modification does not help against other ailments connected with stability. In particular, to heed the demand of stability (of any kind) is to engage in a form of "wishful acting". Also, the different stability demands all conflict with a close relative of the dominance condition: the condition of "indifference". According to this condition, two actions are equally choiceworthy if they would always lead to the same outcomes--whatever state the world is in. On the other hand, the conditions of dominance and indifference would both be satisfied if we replaced a demand for stability (of some kind) by a related but distinct principle of "retrievability". Retrievability and (full) stability are mutually independent properties of options, but each of them entails moderate stability. The paper ends with a discussion of the relevance of retrievability to theories of choiceworthiness and practical reason. (shrink)

The expected utility of an option for a decision maker is defined with respect to probability and utility functions that represent the decision maker’s beliefs and desires. Therefore, as the decision maker’s beliefs and desires change, the expected utility of an opinion may change. Some options are such that their realizations change beliefs and desires in ways that change the expected utilities of the options. If a decision is made among options that include one or more of these special options, (...) I call it a decision made in a dynamic setting.The rule to maximize expected utility, MEU, is insufficient for decisions in dynamic settings. It does not say how to take account of information about the way in which the realization of an option would change the expected utility of the option. (shrink)