We reexamine some of the classic problems connected with the use of cardinal utility functions in decision theory, and discuss Patrick Suppes's contributions to this field in light of a reinterpretation we propose for these problems. We analytically decompose the doctrine of ordinalism, which only accepts ordinal utility functions, and distinguish between several doctrines of cardinalism, depending on what components of ordinalism they specifically reject. We identify Suppes's doctrine with the major deviation from ordinalism that conceives of utility functions as (...) representing preference differences, while being non- etheless empirically related to choices. We highlight the originality, promises and limits of this choice-based cardinalism. (shrink)

A ubiquitous argument against mental-state accounts of well-being is based on the notion that mental states like happiness and satisfaction simply cannot be measured. The purpose of this paper is to articulate and to assess this “argument from measurability.” My main thesis is that the argument fails: on the most charitable interpretation, it relies on the false proposition that measurement requires the existence of an observable ordering satisfying conditions like transitivity. The failure of the argument from measurability, however, does not (...) translate into a defense of mental-state accounts as accounts of well-being or of measures of happiness and satisfaction as measures of well-being. Indeed, I argue, the ubiquity of the argument from measurability may have obscured other, very real problems associated with mental-state accounts of well-being – above all, that happiness and satisfaction fail to track well-being – and with measures of happiness and satisfaction – above all, the tendency toward reification. I conclude that the central problem associated with the measurement of, e.g., happiness as a subjectively experienced mental state is not that it is too hard to measure, but rather that it is too easy to measure. (shrink)

This paper reconsiders Frank Ramsey's essay on subjective probability (1926) as a consistent way to articulate logic, rationality and knowledge. The first part of the essay builds an axiomatic theory of subjective probability based on ‘formal logic’, defining rationality as choice-consistency. The second part seems to open up different horizons: the evaluation of degrees of belief by ‘human logic’. Because of the interest Keynes (1931) had taken in ‘human logic’, it was considered to be a possible alternative to the formal (...) logic underlying the neoclassical theory of individual behaviour. The analysis of Ramsey's method in the entire paper, the relation between logic and rationality it constructs and the conception of uncertainty it reveals, lead me to note on the contrary that Ramsey's human logic was a complementary logic rather than an alternative to formal logic. Defining a standard to evaluate beliefs formation according to a frequentist criterion, it completes a normative representation of rationality which supports an original theory of knowledge that appears more in line with further developments of neoclassical methodology than with Keynesian economics. (shrink)