In this paper, I argue for a new normative theory of rational choice under risk, namely expected comparative utility (ECU) theory. I first show that for any choice option, a, and for any state of the world, G, the measure of the choiceworthiness of a in G is the comparative utility (CU) of a in G—that is, the difference in utility, in G, between a and whichever alternative to a carries the greatest utility in G. On the basis of this (...) principle, I then argue that for any agent, S, faced with any decision under risk, S should rank his or her decision options (in terms of how choiceworthy they are) according to their comparative expected comparative utility (CECU) and should choose whichever option carries the greatest CECU. For any option, a, a’s CECU is the difference between its ECU and that of whichever alternative to a carries the greatest ECU, where a’s ECU is a probability‐weighted sum of a’s CUs across the various possible states of the world. I lastly demonstrate that in some ordinary decisions under risk, ECU theory delivers different verdicts from those of standard decision theory. (shrink)

In this paper, we present and defend a natural yet novel analysis of normative reasons. According to what we call support-explanationism, for a fact to be a normative reason to φ is for it to explain why there's normative support for φ-ing. We critically consider the two main rival forms of explanationism—ought-explanationism, on which reasons explain facts about ought, and good-explanationism, on which reasons explain facts about goodness—as well as the popular Reasons-First view, which takes the notion of a normative (...) reason to be normatively fundamental. Support-explanationism, we argue, enjoys many of the virtues of these views while avoiding their drawbacks. We conclude by exploring several further important implications: among other things, we argue that the influential metaphor of ‘weighing’ reasons is inapt, and propose a better one; that, contrary to what Berker (2019) suggests, there's no reason for non-naturalists about normativity to accept the Reasons-First view; and that, contrary to what Wodak (2020b) suggests, explanationist views can successfully accommodate what he calls ‘redundant reasons’. (shrink)

This paper looks at whether it is possible to unify the requirements of rationality with the demands of normative reasons. It might seem impossible to do because one depends upon the agent’s perspective and the other upon features of the situation. Enter Reasons Perspectivism. Reasons perspectivists think they can show that rationality does consist in responding correctly to reasons by placing epistemic constraints on these reasons. They think that if normative reasons are subject to the right epistemic constraints, rational requirements (...) will correspond to the demands generated by normative reasons. While this proposal is prima facie plausible, it cannot ultimately unify reasons and rationality. There is no epistemic constraint that can do what reasons perspectivists would need it to do. Some constraints are too strict. The rest are too slack. This points to a general problem with the reasons-first program. Once we recognize that the agent’s epistemic position helps determine what she should do, we have to reject the idea that the features of the agent’s situation can help determine what we should do. Either rationality crowds out reasons and their demands or the reasons will make unreasonable demands. (shrink)

Determining the precise nature of the connection between preference, choice, and welfare has arguably been the central project in the field of welfare economics, which aims to offer a proper guide for economists in the making of policy decisions that affect people’s welfare. The two leading approaches here historically – the revealed preference and latent preference approaches – seem equally incapable of so guiding economists. I argue that the deadlock here is due to welfare economists’ failure to recognize a crucial (...) distinction between two senses of “preference.” I analyze and defend these senses of “preference,” and argue that each shares a close connection with just one of choice and welfare. This analysis reveals how economists should conceive of both the connections between “preference,” choice, and welfare, and the proper roles of these concepts in welfare economics. I conclude by showing this analysis to best explain the plausibility of two leading alternative approaches from Hausman and Sugden. (shrink)

We defend three controversial claims about preference, credence, and choice. First, all agents (not just rational ones) have complete preferences. Second, all agents (again, not just rational ones) have real-valued credences in every proposition in which they are confident to any degree. Third, there is almost always some unique thing we ought to do, want, or believe.