According to a widely held view, rationality demands that the preferences of a person be transitive. The transitivity assumption is an axiom in standard theories of rational choice. It is also prima facie very plausible. I argue here that transitivity is not a necessary condition of rationality; it is a constraint only in some cases. The argument presented here is based on the non-linearity of differential utility functions. This paper has four parts. First, I present an argument against the transitivity (...) assumption (I, II). Second, I discuss some objections; this will also bring out some features of the view defended here, like the essentially comparative nature of choice (III). Then, I discuss certain proposals that promise to avoid my conclusion (IV). Finally, I go into some implications concerning the nature of rational decision making (V). To accept some intransitivities as rational does not make our life easier; it can even lead to hard choices. However, it does not lead to skepticism about rational choice. (shrink)

The essentially comparative conception of value entails that the value of a state of affairs does not depend solely upon features intrinsic to the state of affairs, but also upon extrinsic features, such as the set of feasible alternatives. It has been argued that this conception of value gives us reason to abandon the transitivity of the better than relation. This paper shows that the support for intransitivity derived from this conception of value is very limited. On its most plausible (...) interpretations, it merely provides a necessary, but not sufficient, condition for intransitivity. It is further argued that the essentially comparative conception of value appears to support a disjunctive conclusion: there is incommensurability of value or betterness is not transitive. Of these two alternatives, incommensurability is preferable, because it is far less threatening to our other axiological commitments. (shrink)

The standard argument for the claim that rational preferences are transitive is the pragmatic money-pump argument. However, a money-pump only exploits agents with cyclic strict preferences. In order to pump agents who violate transitivity but without a cycle of strict preferences, one needs to somehow induce such a cycle. Methods for inducing cycles of strict preferences from non-cyclic violations of transitivity have been proposed in the literature, based either on offering the agent small monetary transaction premiums or on multi-dimensional preferences. (...) This paper argues that previous proposals have been flawed and presents a new approach based on the dominance principle. (shrink)

An example shows that 'pairwise preferences' (certain hypothetical choices) can cycle even when rational. General considerations entail that preferences tout court (certain relations of actual valuations) cannot cycle. A world-bayesian theory is explained that accommodates these two kinds of preference, and a theory for rational actions that would have them maximize and be objects of ratifiable choices. It is observed that choices can be unratifiable either because of troublesome credences or because of troublesome preferences. An appendix comments on a third (...) way in which efforts to maximize can be frustrated. (shrink)

The advantages and disadvantages of formalization in philosophy are summarized. It is concluded that formalized philosophy is an endangered speciality that needs to be revitalized and to increase its interactions with non-formalized philosophy. The enigmatic style that is common in philosophical logic must give way to explicit discussions of the problematic relationship between formal models and the philosophical concepts and issues that motivated their development.

Rationality postulates for preferences are developed from two basic decision theoretic principles, namely: (1) the logic of preference is determined by paradigmatic cases in which preferences are choice-guiding, and (2) excessive comparison costs should be avoided. It is shown how the logical requirements on preferences depend on the structure of comparison costs. The preference postulates necessary for choice guidance in a single decision problem are much weaker than completeness and transitivity. Stronger postulates, such as completeness and transitivity, can be derived (...) under the further assumption that the original preference relation should also be capable of guiding choice after any restriction of the original set of alternatives. (shrink)

This thesis consists of an introduction and five essays on decision theory.