I advocate Time-Slice Rationality, the thesis that the relationship between two time-slices of the same person is not importantly different, for purposes of rational evaluation, from the relationship between time-slices of distinct persons. The locus of rationality, so to speak, is the time-slice rather than the temporally extended agent. This claim is motivated by consideration of puzzle cases for personal identity over time and by a very moderate form of internalism about rationality. Time-Slice Rationality conflicts with two proposed principles of (...) rationality, Conditionalization and Reflection. Conditionalization is a diachronic norm saying how your current degrees of belief should fit with your old ones, while Reflection is a norm enjoining you to defer to the degrees of belief that you expect to have in the future. But they are independently problematic and should be replaced by improved, time-slice-centric principles. Conditionalization should be replaced by a synchronic norm saying what degrees of belief you ought to have given your current evidence and Reflection should be replaced by a norm which instructs you to defer to the degrees of belief of agents you take to be experts. These replacement principles do all the work that the old principles were supposed to do while avoiding their problems. In this way, Time-Slice Rationality puts the theory of rationality on firmer foundations and yields better norms than alternative, non-time-slice-centric approaches. (shrink)

Over the past two decades, modal epistemology has turned its attention to ordinary modal knowledge. This paper brings to the fore a neglected but central form of ordinary modal knowledge: knowledge of agentive modality, and in particular of our own abilities, which I call ‘ability knowledge’. I argue that modal epistemology as it is does not account for ability knowledge, by looking at the most promising candidate theories: perception-based, counterfactual-based, and similarity-based modal epistemologies. I then outline a more promising epistemology (...) for our ability knowledge, which relies on the experience of our own agency, and draw out some lessons for modal epistemology in general. (shrink)

Over the years I’ve written many papers defending an idiosyncratic version of interest-relative epistemology. This book collects and updates the views I’ve expressed over those papers. -/- Interest-relative epistemologies all start in roughly the same way. A big part of what makes knowledge important is that it rationalises action. But for almost anything we purportedly know, there is some action that it wouldn’t rationalise. I know what I had for breakfast, but I wouldn’t take a bet at billion to one (...) odds about it. Knowledge has practical limits. The first idiosyncratic feature of my version of interest-relative epistemology is how those limits are identified. Other interest-relative philosophers typically say that the limits have to do with stakes; in high stakes situations knowledge goes away. That’s no part of my view. I think knowledge goes away in long odds situations. High stakes situations are almost always are long odds situations, for reasons to do with the declining marginal utility of money. But the converse isn’t true. On my view, knowledge often goes away in cases where it is trivial to check before action. This idea, that interests matter in long odds cases, and not just in high stakes cases, is the main constant in what I’ve written on interest-relativity over the years. -/- But there are three other respects in which the view I’m going to set out and defend in this book is very different from the view I set out in older papers. -/- I used to identify the practical limits on knowledge with cases where relying on the purported knowledge would get the wrong answer. I focused, that is, on the outputs of inquiry. Knowledge goes away if relying on it would lead one to make a mistake. I now think I was looking at the wrong end of inquiry. Knowledge goes away if the thinker starts conducting an inquiry where the purported knowledge is an inappropriate starting point, and inappropriate for the special reason that it might be false. Now one way we can tell that something is a bad starting point is that starting there will mean we end up at the wrong place. But it’s not the only way. Sometimes a bad starting point will lead to the right conclusion for the wrong reasons. As the Nyāya philosophers argued, rational inquiry starts with knowledge. If it would be irrational to start this inquiry with a particular belief, that belief isn’t knowledge. -/- Not all inquiries are practical inquiries, but many are. And practical inquiries are usually going to be at the center of attention in this book. But what is someone trying to figure out when they conduct a practical inquiry? I used to think that they were trying to figure out which option maximised expected utility, and to a first approximation identified knowledge with those things one could conditionalise on without changing the option that maximised expected utility. As noted in the previous paragraph, I no longer think that we can identify knowledge with what doesn’t change our verdicts. But more importantly, I no longer think that expected utility maximisation is as central to practical inquiry as I once did. There are some theoretical reasons from game theory that raise some doubts about expected utility maximisation. Weak dominance reasoning is part of our theory of rational choice, and can’t be modelled as expected utility maximisation. Perhaps some kinds of equilibrium seeking are parts of practical inquiry, and can’t be modelled as expected utility maximisation. But there are also very practical reasons to think that practical inquiry doesn’t aim at expected utility maximisation. When there are a lot of very similar options - think about selecting a can from a supermarket shelf - and it’s more trouble than it’s worth to figure out which of them maximises expected utility, it’s best to ignore the differences between them and just pick. As I’ll argue in Chapter 6, this makes a big difference to how interests and knowledge interact. -/- In the version of interest-relativity that I’m defending here, everything in epistemology is interest-relative. Knowledge, rational belief, and evidence are all interest-relative. But they are all interest-relative in slightly different ways. The main aim here is to defend the interest-relativity of knowledge. A common objection to interest-relative theories of knowledge is that they can’t be extended into theories of all the things we care about in epistemology. Here I try to meet that challenge. The way I do so is a little messy. It would be nice if there was some part of epistemology that’s interest-invariant, as I used to think, or if all the interest-relative notions were interest-relative in the same way, as other interest-relative epistemologists argue. For better or worse, that’s not the view I’m defending. Interests matter throughout epistemology, and we just have to go case by case to figure out how and why they matter. (shrink)

As well as disagreeing about how much one should donate to charity, moral theories also disagree about where one should donate. In light of this disagreement, how should the morally uncertain philanthropist allocate her donations? In many cases, one intuitively attractive option is for the philanthropist to split her donations across all of the charities that are recommended by moral views in which she has positive credence, with each charity’s share being proportional to her credence in the moral theories that (...) recommend that particular charity. Despite the fact that something like this approach is already being used by real-world philanthropists to distribute billions of dollars of donations, it is not supported by any of the approaches to moral uncertainty that have been proposed thus-far in the philosophical literature. In this paper, we will develop a bargaining-based approach to moral uncertainty that honors the proportionality intuition in favor of splitting one’s donations. We also show how this bargaining-based approach has several further advantages over the best alternative proposals. (shrink)

Longtermism is the thesis that in a large class of decision situations, the best thing we can do is what is best for the long-term future. The scope question for longtermism asks: how large is the class of decision situations for which this is true? In this paper, I suggest that the scope of longtermism may be narrower than many longtermists suppose. I identify a restricted version of longtermism: swamping axiological strong longtermism (swamping ASL). I identify three scope-limiting factors - (...) probabilistic and decision-theoretic phenomena which, when present, tend to reduce the prospects for swamping ASL. I argue that these scope-limiting factors are often present in human decision problems, then use two case studies from recent discussions of longtermism to show how the scope-limiting factors lead to a restricted, if perhaps nonempty, scope for swamping ASL. (shrink)

An action is agentially perfect if and only if, if a person tries to perform it, they succeed, and, if a person performs it, they try to. We argue that trying itself is agentially perfect: if a person tries to try to do something, they try to do it; and, if a person tries to do something, they try to try to do it. We show how this claim sheds new light on questions about basic action, the logical structure of (...) intentional action, and the notion of "options" in decision theory. On the way to these central ideas, we argue that a person can try to do something even if they believe it is impossible that they will succeed, that a person can try to do something even if they do not want to succeed, and that a person can try to do something even if they do not intend to succeed. (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 (Carr, 2022; Pasnau, 2013). 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)

In this paper I propose and motivate a logic of the interdefined concepts of making true and control, understood as intensional propositional operators to be indexed to an agent. While bearing a resemblance to earlier logics in the tradition, the motivations, semantics, and object language theory differ on crucial points. Applying this logic to widespread formal theories of agency, I use it as a framework to argue against the ubiquitous assumption that the strongest actions or options available to a given (...) agent must always be pairwise incompatible. The conclusion is that this assumption conflicts with failures of higher order control of agents over their degree or precision of control, failures exhibited by such imperfect agents as ourselves. I discuss models in this setting for understanding such imperfectly self-controlling agents. In an appendix, I prove several relevant results about the logic described, including soundness and completeness both for it and for certain natural extensions. (shrink)

I defend counterfactual decision theory, which says that you should evaluate an action in terms of which outcomes would likely obtain were you to perform it. Counterfactual decision theory has traditionally been subsumed under causal decision theory as a particular formulation of the latter. This is a mistake. Counterfactual decision theory is importantly different from, and superior to, causal decision theory, properly so called. Causation and counterfactuals come apart in three kinds of cases. In cases of overdetermination, an action can (...) cause a good outcome without the latter counterfactually depending on the former. In cases of constitution, an action can constitute a good outcome rather than causing it. And in cases of determinism, either the laws or the past counterfactually depend on your action, even though your action cannot cause the laws or the past to be different. In each of these cases, it is counterfactual decision theory which gives the right verdict, and for the right reasons. (shrink)

Accuracy-first epistemology says that the rational update rule is the rule that maximizes expected accuracy. Externalism says, roughly, that we do not always know what our total evidence is. It’s been argued in recent years that the externalist faces a dilemma: Either deny that Bayesian Conditionalization is the rational update rule, thereby rejecting traditional Bayesian epistemology, or else deny that the rational update rule is the rule that maximizes expected accuracy, thereby rejecting the accuracy-first program. Call this the Bayesian Dilemma. (...) Here is roughly how the argument goes. Schoenfield (2017) has shown that following Metaconditionalization maximizes expected accuracy. But if externalism is true, Metaconditionalization is not Bayesian Conditionalization. Therefore, the externalist must choose between the rule that maximizes expected accuracy (Metaconditionalization) and Bayesian Conditionalization. I am not convinced by this argument; once we make the premises fully explicit, we see that it relies on assumptions that the externalist has every reason to reject. Still, I think that the Bayesian Dilemma is a genuine dilemma. I give a new argument—I call it the continuity argument—that doesn’t make any assumptions the externalist rejects. Roughly, I show that if you're sufficiently confident that you will correctly identify your evidence, then you'll expect adopting a rule that I call Accurate Metaconditionalization to be more accurate than adopting Bayesian Conditionalization. (shrink)

This paper is about the principle that success entails ability, which I call Success. I argue the status of Success is highly puzzling: when we focus on past instances of actually successful action, Success is very compelling; but it is in tension with the idea that true ability claims require an action be in the agent's control. I make the above tension precise by considering the logic of ability. I argue Success is appealing because it is classically equivalent to two (...) genuinely valid inferences, which I call Past Success and Can't-Entails-Won't; but also that Success itself has counterexamples. I show how to invalidate Success while validating Past Success and Can't-Entails-Won't by connecting the meaning of ‘can’ to facts about what is settled or open. I define an operator W with features attributed to ‘will’ in the literature on future contingents. I then give a conditional analysis of ability ascriptions stated with W-conditionals, where "S can A" says, roughly, there’s some action available to S such that if S does it, then W(S A). I show this semantics invalidates Success while still explaining its appeal. (shrink)

This paper begins with a puzzle regarding Lewis' theory of radical interpretation. On the one hand, Lewis convincingly argued that the facts about an agent's sensory evidence and choices will always underdetermine the facts about her beliefs and desires. On the other hand, we have several representation theorems—such as those of (Ramsey 1931) and (Savage 1954)—that are widely taken to show that if an agent's choices satisfy certain constraints, then those choices can suffice to determine her beliefs and desires. In (...) this paper, I will argue that Lewis' conclusion is correct: choices radically underdetermine beliefs and desires, and representation theorems provide us with no good reasons to think otherwise. Any tension with those theorems is merely apparent, and relates ultimately to the difference between how 'choices' are understood within Lewis' theory and the problematic way that they're represented in the context of the representation theorems. For the purposes of radical interpretation, representation theorems like Ramsey's and Savage's just aren't very relevant after all. (shrink)

Those who are risk averse with respect to money, and thus turn down some gambles with positive monetary expectations, are nevertheless often willing to accept bundles involving multiple such gambles. Therefore, it might seem that such people should become more willing to accept a risky but favourable gamble if they put it in context with the collection of gambles that they predict they will be faced with in the future. However, it turns out that when a risk averse person adopts (...) the long-term perspective, she faces a decision-problem that can be analysed as a noncooperative game between different “time-slices” of herself, where it is in the interest of each time-slice (given its prediction about other slices) to turn down the gamble with which it is faced. Hence, even if a risk averse but rational person manages to take the long-term perspective, she will, in the absence of what Hardin called “mutual coercion”, end up in a situation analogous to the “tragedy of the commons”. (shrink)

The Free Choice effect—whereby \\) seems to entail both \ and \—has traditionally been characterized as a phenomenon affecting the deontic modal ‘may’. This paper presents an extension of the semantic account of free choice defended by Fusco to the agentive modal ‘can’, the ‘can’ which, intuitively, describes an agent’s powers. On this account, free choice is a nonspecific de re phenomenon that—unlike typical cases—affects disjunction. I begin by sketching a model of inexact ability, which grounds a modal approach to (...) agency in a Williamson -style margin of error. A classical propositional semantics combined with this framework can reflect the intuitions highlighted by Kenny ’s dartboard cases, as well as the counterexamples to simple conditional views recently discussed by Mandelkern et al.. In Section 3, I turn to an independently motivated actual-world-sensitive account of disjunction, and show how it extends free choice inferences into an object language for propositional modal logic. (shrink)

In a recent paper, Pruss proves the validity of the rule beta-2 relative to Lewis’s semantics for counterfactuals, which is a significant step forward in the debate about the consequence argument. Yet, we believe there remain intuitive counter-examples to beta-2 formulated with the actuality operator and rigidified descriptions. We offer a novel and two-dimensional formulation of the Lewisian semantics for counterfactuals and prove the validity of a new transfer rule according to which a new version of the consequence argument can (...) be formulated. This new transfer rule is immune to the counter-examples involving the actuality operator and rigidified descriptions. However, we show that counter-examples to this new rule can also be generated, demanding that the Lewisian semantics be generalized for higher dimensions where counter-examples can always be generated. (shrink)

I investigate when we can (rationally) have attitudes, and when we cannot. I argue that a comprehensive theory must explain three phenomena. First, being related by descriptions or names to a proposition one has strong reason to believe is true does not guarantee that one can rationally believe that proposition. Second, such descriptions, etc. do enable individuals to rationally have various non-doxastic attitudes, such as hope and admiration. And third, even for non-doxastic attitudes like that, not just any description will (...) allow it. I argue that we should think of attitude formation like we do (practical) choices among options. I motivate this view linguistically, extending "relevant alternatives'' theories of the attitudes to both belief and to the other, non-doxastic attitudes. Given a natural principle governing choice, and some important differences between doxastic and non-doxastic "choices'', we can explain these puzzling phenomena. (shrink)

In this paper, I enter the debate between those who hold that our normative uncertainty matters for what we ought to do, and those who hold that only our descriptive uncertainty matters. I argue that existing views in both camps have unacceptable implications in cases where our descriptive beliefs depend on our normative beliefs. I go on to propose a fix which is available only to those who hold that normative uncertainty matters, ultimately leaving the challenge as a threat to (...) recent skepticism about such views. (shrink)

In this paper, I motivate and defend the distinction between an objective and a subjective moral sense of “ought.” I begin by looking at the standard way the distinction is motivated, namely by appealing to relatively simple cases where an agent does something she thinks is best, but her action has a tragic outcome. I argue that these cases fail to do the job—the intuitions they elicit can be explained without having to distinguish between different senses of “ought.” However, these (...) cases are on the right track—I argue that more sophisticated versions of the cases provide strong motivation for the distinction. I then discuss two important problems for the distinction: the “which ‘ought’ is more important?” problem, and the “annoying profusion of ‘oughts’” problem. I argue that each of these problems can be solved in several different ways. (shrink)

Brian Hedden has proposed that any successful account of options for the subjective “ought” must satisfy two constraints: first, it must ensure that we are able to carry out each of the options available to us, and second, it should guarantee that the set of options available to us supervenes on our mental states. In this paper I show that, due to the ever-present possibility of Frankfurt-style cases, these two constraints jointly entail that no agent has any options at any (...) time. This consequence, however, is clearly unacceptable, so one of Hedden’s constraints must go. Because the ability constraint is indispensable, I argue, we have no choice but to reject the supervenience constraint. Hedden’s underlying motivation for imposing the supervenience constraint is the conviction that our options should be transparent to us, but transparency also proves to be incompatible with the ability constraint, so it must be rejected as well. I conclude by sketching an unabashedly externalist account of options, which conceives of options as exhaustive combinations of atomic movements. (shrink)

Andy Egan has recently presented a prominent objection to causal decision theory. However, in this paper, I argue that this objection fails if CDT’s proponent accepts the plausible view that decision-theoretic options are intentions. This result both provides a defence of CDT against a prominent objection and highlights the importance of resolving the nature of decision-theoretic options.

What if your peers tell you that you should disregard your perceptions? Worse, what if your peers tell you to disregard the testimony of your peers? How should we respond if we get evidence that seems to undermine our epistemic rules? Several philosophers have argued that some epistemic rules are indefeasible. I will argue that all epistemic rules are defeasible. The result is a kind of epistemic particularism, according to which there are no simple rules connecting descriptive and normative facts. (...) I will argue that this type of particularism is more plausible in epistemology than in ethics. The result is an unwieldy and possibly infinitely long epistemic rule — an Uber-rule. I will argue that the Uber-rule applies to all agents, but is still defeasible — one may get misleading evidence against it and rationally lower one’s credence in it. (shrink)

Many of us think we have agent-centred options to act suboptimally. Some of these involve favouring our own interests. Others involve sacrificing them. In this paper, I explore three different ways to accommodate agent-centred options in a criterion of objective permissibility. I argue against satisficing and rational pluralism, and in favour of a principle built around sensitivity to personal cost.

Knows-knows principles in epistemology say that if you know some proposition, then you are in a position to know that you know it. This paper examines the viability of analogous principles in ethics, which I call ought-ought principles. Several epistemologists have recently offered new defences of KK principles and of other related principles, and there has recently been an increased interest in examining analogies between ethics and epistemology, and so it seems natural to examine whether defences of KK and related (...) principles carry over to OO principles. In this paper, I introduce two OO principles, and I show how some arguments in favour of KK carry over to them. Then I show how these OO principles can be used to shed light on a much-discussed case in ethics, that of Professor Procrastinate. (shrink)

It is a widely shared intuition that there is a close connection between knowledge-how and intentional action. In this paper, I explore one aspect of this connection: the normative connection between intending to do something and knowing how to do it. I argue for a norm connecting knowledge-how and intending in a way that parallels the knowledge norms of assertion, belief, and practical reasoning, which I call the knowledge-how norm of Intention. I argue that this norm can appeal to support (...) from arguments which parallel those for other epistemic norms, that it can deal with a number of prima facie problem cases, and that alternative conditions in a norm on intention are implausible. (shrink)

Deontologists have long been upbraided for lacking an account of justified decision- making under risk and uncertainty. One response is to develop a deontological decision theory—a set of necessary and sufficient conditions for an act’s being permissible given an agent’s imperfect information. In this article, I show that deontologists can make more use of regular decision theory than some might have thought, but that we must adapt decision theory to accommodate agent- centered options—permissions to favor or sacrifice our own interests, (...) when doing so is overall morally worse. Accommodating options requires more than just amend- ing the decision-theoretic ‘value function’. We must change the decision rule as well. (shrink)

It has become increasingly common for philosophers to distinguish between objective and subjective rightness, and there has been much discussion recently about what an adequate theory of subjective rightness looks like. In this article, I propose a new theory of subjective rightness. According to it, an action is subjectively right if and only if it minimizes expected objective wrongness. I explain this theory in detail and argue that it avoids many of the problems that other theories of subjective rightness face. (...) I end by responding to some objections. (shrink)

We ought to perform our best option—that is, the option that we have most reason, all things considered, to perform. This is perhaps the most fundamental and least controversial of all normative principles concerning action. Yet, it is not, I believe, well understood. For even setting aside questions about what our reasons are and about how best to formulate the principle, there is a question about how we should construe our options. This question is of the upmost importance, for which (...) option will count as being best depends on how broadly or narrowly we are to construe our options. In this paper, I argue that we ought to construe an agent’s options at a time, t, as being those actions (or sets of actions) that are scrupulously securable by her at t. (shrink)

Rational agents are supposed to maximize expected utility. But what are the options from which they choose? I outline some constraints on an adequate representation of an agent’s options. The options should, for example, contain no information of which the agent is unsure. But they should be sufficiently rich to distinguish all available acts from one another. These demands often come into conflict, so that there seems to be no adequate representation of the options at all. After reviewing existing proposals (...) for how to construe decision-theoretic options and finding them all wanting, I suggest that our model of rational agents should include a special domain of ‘virtual’ option propositions to serve as formal objects of deliberation and choice. (shrink)

This book offers a solution to the ancient philosophical problem regarding the nature and the justification of morality. The importance of this subject matter is obvious, not merely as an abstract philosophical problem, but perhaps even more as a practical challenge, regarding the way we ought to live our lives: the values that ought to direct us, and the ends that we ought to pursue. -/- In the course of this inquiry, a wide array of philosophical topics is explored: the (...) nature of intentional action, and the role played by reason and desires in agency; the question of the final end of agency – better known in ancient terminology as the question of the purpose of life, and in modern terms as the question of the meaning of life; the nature of moral obligations and their rational justification; the challenge posed by determinism for the freedom of the will, with its implications on fatalism and moral responsibility; and normative questions regarding the value of life. (shrink)

This paper argues that, with certain provisos, predicting one's future actions is incompatible with rationally deliberating about whether to perform those actions. It follows that fully rational omniscient agents are impossible, since an omniscient being could never rationally deliberate about what to do. Consequently, theories that explain practical reasons in terms of the choices of a perfectly rational omniscient agent must fail. The paper considers several ways of defending the possibility of an omniscient agent, and concludes that while some of (...) these may work, they are inconsistent with the aim of explaining practical normativity by appeal to such an agent. (shrink)

How should an agent act under normative uncertainty? We might extend the orthodox theory of rational choice to the case of uncertainty between competing normative theories. But this requires that the values assigned by different normative theories be comparable. This paper defends a strategy for avoiding the need for intertheoretic value comparisons: instead of comparing competing moral theories, I argue that values can be represented in terms of a de dicto specification of value. I provide a decision theory for de (...) dicto values that generalises expected utility theory, and I compare the proposal with alternative strategies for avoiding the problem of intertheoretic comparisons. (shrink)

If you ought to do something, does it follow that you are able to do it? The Kantian thesis that ought-implies-can seems intuitive and is widely accepted. Nevertheless, there are several powerful purported counterexamples. In this paper I will apply an independently motivated contextualism about ‘ought’ to make sense of the intuitions on both sides of the argument. Contextualism explains why ought-implies-can seems compelling despite being false in many contexts. The result will be that philosophers cannot in general appeal to (...) ought-implies-can in their arguments. (shrink)

It has often been noted that there is some tension between engaging in decision-making and believing that one’s choices might be predetermined. The possibility that our choices are predetermined forces us to consider, in our decisions, act-state pairs which are inconsistent, and hence to which we cannot assign sensible utilities. But the reasoning which justifies two-boxing in Newcomb’s problem also justifies associating a non-zero causal probability with these inconsistent act-state pairs. Put together these undefined utilities and non-zero probabilities entail that (...) expected utilities are undefined whenever it is a possibility that our choices are predetermined. There are three ways to solve the problem, but all of them suffer serious costs: always assume that, contrary to our evidence, the outcome of our present decision-making is not predetermined; give up the reasoning that justifies unconditional two-boxing in Newcomb’s problem; or allow epistemically impossible outcomes to contribute to expected utility, leading to the wrong results in a series of cases introduced by Ahmed :665–685, 2014a, Evidence, decision and causality, Cambridge University Press, Cambridge, 2014b). However they choose to respond, causal decision theorists cannot remain silent: the intuitive tension between decision-making and the possibility of predetermination can be made precise, and resolving it will require giving up something. Causal decision theorists have a predetermination problem. (shrink)

The idea of multiple options for action in a specific situation is essential for choice and deliberation. But what exactly is an option for action? A simple and natural approach to this question is via conditional analyses. While conditional analyses ofdispositionsandabilitiesface well‐known objections and are widely considered untenable, I argue that several of these objections do not apply to conditional analyses ofoptions. Others do, but the analyses can be modified or interpreted in a suitable way so as to deal with (...) them. One central difficulty, however, remains and can only partially be resolved. Still, all things considered, the prospects of conditional analyses of options for action are quite good; they should not be lightly dismissed. (shrink)

Those who are risk averse with respect to money, and thus turn down some gambles with positive monetary expectations, are nevertheless often willing to accept bundles involving multiple such gambles. Therefore, it might seem that such people should become more willing to accept a risky but favourable gamble if they put it in context with the collection of gambles that they predict they will be faced with in the future. However, it turns out that when a risk averse person adopts (...) the long-term perspective, she faces a decision-problem that can be analysed as a noncooperative game between different “time-slices” of herself, where it is in the interest of each time-slice (given its prediction about other slices) to turn down the gamble with which it is faced. Hence, even if a risk averse but rational person manages to take the long-term perspective, she will, in the absence of what Hardin called “mutual coercion”, end up in a situation analogous to the “tragedy of the commons”. (shrink)