In an earlier paper we have shown that a proposition can have a well-defined probability value, even if its justification consists of an infinite linear chain. In the present paper we demonstrate that the same holds if the justification takes the form of a closed loop. Moreover, in the limit that the size of the loop tends to infinity, the probability value of the justified proposition is always well-defined, whereas this is not always so for the infinite linear chain. This (...) suggests that infinitism sits more comfortably with a coherentist view of justification than with an approach in which justification is portrayed as a linear process. (shrink)

One guide to an argument's significance is the number and variety of refutations it attracts. By this measure, the Dutch book argument has considerable importance.2 Of course this measure alone is not a sure guide to locating arguments deserving of our attention—if a decisive refutation has really been given, we are better off pursuing other topics. But the presence of many and varied counterarguments at least suggests that either the refutations are controversial, or that their target admits of more than (...) one interpretation, or both. The main point of this paper is to focus on a way of understanding the Dutch Book argument (DBA) that avoids many of the well-known criticisms, and to consider how it fares against an important criticism that still remains: the objection that the DBA presupposes value-independence of bets. (shrink)

The Dutch Book argument, like Route 66, is about to turn 80. It is arguably the most celebrated argument for subjective Bayesianism. Start by rejecting the Cartesian idea that doxastic attitudes are ‘all-or-nothing’; rather, they are far more nuanced degrees of belief, for short credences, susceptible to fine-grained numerical measurement. Add a coherentist assumption that the rationality of a doxastic state consists in its internal consistency. The remaining problem is to determine what consistency of credences amounts to. The Dutch Book (...) argument, in a nutshell, says that if your credences do not obey the probability calculus, you are ‘incoherent’—susceptible to sure losses at the hands of a ‘Dutch Bookie’—and thus irrational. Conclusion: rationality requires your credences to obey the probability calculus. And like Route 66, the fortunes of the Dutch Book argument have been mixed. Opinions on the argument are sharply divided. The list of its proponents is quite a ‘who’s who’ of philosophers of probability; they include de Finetti (1937, 1980), Carnap (1950, 1962, and more fully, 1955), Kemeny (1955), Lehman (1955), Shimony (1955), Adams (1962), Mellor (1971), Rosenkrantz (1981), van Fraassen (1989), Jeffrey (1983, 1992). (shrink)

The paper analyses economic evaluations by distinguishing evaluative statements from actual value judgments. From this basis, it compares four solutions to the value neutrality problem in economics. After rebutting the strong theses about neutrality (normative economics is illegitimate) and non-neutrality (the social sciences are value-impregnated), the paper settles the case between the weak neutrality thesis (common in welfare economics) and a novel, weak non-neutrality thesis that extends the realm of normative economics more widely than the other weak thesis does.

The book can also be used as an excellent text for graduate-level courses in AI, operations research, or applied probability.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

In Fallacies and Judgments of Reasonableness, Frans H. van Eemeren, Bart Garssen and Bert Meuffels report on their systematic empirical research of the conventional validity of the pragma-dialectical discussion rules. The experimental studies they carried out during more than ten years start from the pragma-dialectical theory of argumentation developed at the University of Amsterdam, their home university. In these studies they test methodically the intersubjective acceptability of the rules for critical discussion proposed in this theory by confronting ordinary arguers who (...) have not received any special education in argumentation and fallacies with discussion fragments containing both fallacious and non-fallacious argumentative moves. The research covers a wide range of informal fallacies. In this way, the authors create a basis for comparing the theoretical reasonableness conception of pragma-dialectics with the norms for judging argumentative moves prevailing in argumentative practice. Fallacies and Judgments of Reasonableness provides a unique insight into the relationship between theoretical and practical conceptions of reasonableness, supported by extensive empirical material gained by means of sophisticated experimental research. (shrink)

From Descartes to Popper, philosophers have criticized and tried to improve the strategies of reasoning invoked in science and in everyday life. In recent years leading cognitive psychologists have painted a detailed, controversial, and highly critical portrait of common sense reasoning. Stephen Stich begins with a spirited defense of this work and a critique of those writers who argue that widespread irrationality is a biological or conceptual impossibility.Stich then explores the nature of rationality and irrationality: What is it that distinguishes (...) good reasoning from bad? He rejects the most widely accepted approaches to this question approaches which unpack rationality by appeal to truth, to reflective equilibrium or conceptual analysis. The alternative he defends grows out of the pragmatic tradition in which reasoning is viewed as a cognitive tool. Stich's version of pragmatism leads to a radical epistemic relativism and he argues that the widespread abhorrence of relativism is ill founded. (shrink)

Is our case strong enough to go to trial? Will interest rates go up? Can I trust this person? Such questions - and the judgments required to answer them - are woven into the fabric of everyday experience. This book, first published in 2002, examines how people make such judgments. The study of human judgment was transformed in the 1970s, when Kahneman and Tversky introduced their 'heuristics and biases' approach and challenged the dominance of strictly rational models. Their work highlighted (...) the reflexive mental operations used to make complex problems manageable and illuminated how the same processes can lead to both accurate and dangerously flawed judgments. The heuristics and biases framework generated a torrent of influential research in psychology - research that reverberated widely and affected scholarship in economics, law, medicine, management, and political science. This book compiles the most influential research in the heuristics and biases tradition since the initial collection of 1982. (shrink)

The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on the rapidly changing methodological frontiers of the field of economics. Economists have been introducing new theories and new sources of data at a remarkable rate in recent years, and there are widely divergent views both on how productive these expansions have been in the past, and how best to make progress (...) in the future. The speed of these changes has left economists ill at ease, and has created a backlash against new methods. The series will debate these critical issues, allowing proponents of a particular research method to present proposals in a safe yet critical context, with alternatives being clarified. This first volume, written by some of the most prominent researchers in the discipline, reflects the challenges that are opened by new research opportunities. The goal of the current volume and the series it presages, is to formally open a dialog on methodology. The editors' conviction is that such a debate will rebound to the benefit of social science in general, and economics in particular. The issues under discussion strike to the very heart of the social scientific enterprise. This work is of tremendous importance to all who are interested in the contributions that academic research can make not only to our scientific understanding, but also to matters of policy. (shrink)

He further argues that it is necessary to rethink traditional conceptions of argument, and to find a position that avoids the limitations of both the highly abstract approach of formal logic and the highly contextualized approaches of rhetoric and communication theory.".

Describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. The author argues that rationality is not a behavioural entity, but rather has to do with the relation between an agent's preferences and his or her behaviour.

A detailed treatment regarding the diverse properties and uses of evidence and the judgmental tasks they entail. Examines various processes by which evidence may be developed or discovered. Considers the construction of arguments made in defense of the relevance and credibility of individual items and masses of evidence as well as the task of assessing the inferential force of evidence. Includes over 100 numerical examples to illustrate the workings of diverse probabilistic expressions for the inferential force of evidence and the (...) subtleties they reveal. (shrink)

Bishop and Trout here present a unique and provocative new approach to epistemology. Their approach aims to liberate epistemology from the scholastic debates of standard analytic epistemology, and treat it as a branch of the philosophy of science. The approach is novel in its use of cost-benefit analysis to guide people facing real reasoning problems and in its framework for resolving normative disputes in psychology. Based on empirical data, Bishop and Trout show how people can improve their reasoning by relying (...) on Statistical Prediction Rules. They then develop and articulate the positive core of the book. Their view, Strategic Reliabilism, claims that epistemic excellence consists in the efficient allocation of cognitive resources to reliable reasoning strategies, applied to significant problems. The last third of the book develops the implications of this view for standard analytic epistemology; for resolving normative disputes in psychology; and for offering practical, concrete advice on how this theory can improve real people's reasoning. This is a truly distinctive and controversial work that spans many disciplines and will speak to an unusually diverse group, including people in epistemology, philosophy of science, decision theory, cognitive and clinical psychology, and ethics and public policy. (shrink)

In this pithy and highly readable book, Brian Skyrms, a recognised authority on game and decision theory, investigates traditional problems of the social contract in terms of evolutionary dynamics. Game theory is skilfully employed to offer new interpretations of a wide variety of social phenomena, including justice, mutual aid, commitment, convention and meaning. The author eschews any grand, unified theory. Rather, he presents the reader with tools drawn from evolutionary game theory for the purpose of analysing and coming to understand (...) the social contract. The book is not technical and requires no special background knowledge. As such, it could be enjoyed by students and professionals in a wide range of disciplines: political science, philosophy, decision theory, economics and biology. (shrink)

The 'Evolution of Cooperation' addresses a simple yet age-old question; If living things evolve through competition, how can cooperation ever emerge? Despite the abundant evidence of cooperation all around us, there existed no purely naturalistic answer to this question until 1979, when Robert Axelrod famously ran a computer tournament featuring a standard game-theory exercise called The Prisoner's Dilemma. To everyone's surprise, the program that won the tournament, named Tit for Tat, was not only the simplest but the most "cooperative" entrant. (...) This unexpected victory proved that cooperation - one might even say altruism - is mathematically possible and therefore needs no hidden hand or divine agent to create and sustain it. A great roadblock to the understanding of all sorts of behavior was at last removed. The updated edition includes an extensive new chapter on cooperation in cancer cells and among terrorist organizations. (shrink)

Jonathan Knowles argues against theories that seek to provide specific norms for the formation of belief on the basis of empirical sources: the project of naturalized epistemology. He argues that such norms are either not genuinely normative for belief, or are not required for optimal belief formation. An exhaustive classification of such theories is motivated and each variety is discussed in turn. He distinguishes naturalized epistemology from the less committal idea of naturalism, which provides a sense in which we can (...) achieve epistemic normativity without norms. (shrink)

'The Probabilistic Mind' is a follow-up to the influential and highly cited 'Rational Models of Cognition'. It brings together developments in understanding how, and how far, high-level cognitive processes can be understood in rational terms, and particularly using probabilistic Bayesian methods.

Are people rational? This question was central to Greek thought and has been at the heart of psychology and philosophy for millennia. This book provides a radical and controversial reappraisal of conventional wisdom in the psychology of reasoning, proposing that the Western conception of the mind as a logical system is flawed at the very outset. It argues that cognition should be understood in terms of probability theory, the calculus of uncertain reasoning, rather than in terms of logic, the calculus (...) of certain reasoning. (shrink)

This book is a major contribution to decision theory, focusing on the question of when it is rational to accept scientific theories. The author examines both Bayesian decision theory and confirmation theory, refining and elaborating the views of Ramsey and Savage. He argues that the most solid foundation for confirmation theory is to be found in decision theory, and he provides a decision-theoretic derivation of principles for how many probabilities should be revised over time. Professor Maher defines a notion of (...) accepting a hypothesis, and then shows that it is not reducible to probability and that it is needed to deal with some important questions in the philosophy of science. A Bayesian decision-theoretic account of rational acceptance is provided together with a proof of the foundations for this theory. A final chapter shows how this account can be used to cast light on such vexed issues as verisimilitude and scientific realism. (shrink)

The thirty-five chapters in this book describe various judgmental heuristics and the biases they produce, not only in laboratory experiments but in important...

Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about (...) fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions. (shrink)

The most immediately appealing model for formal constraints on degrees of belief is provided by probability theory, which tells us, for instance, that the probability of P can never be greater than that of (P v Q). But while this model has much intuitive appeal, many have been concerned to provide arguments showing that ideally rational degrees of belief would conform to the calculus of probabilities. The arguments most frequently used to make this claim plausible are the so-called "Dutch Book" (...) arguments. (shrink)

The following values have no corresponding Zotero field: PB - JSTOR.

in The Oxford Handbook of Corporate Social Responsibility, ed. Paul Anand, Prasanta Pattanaik, and Clemens Puppe, forthcoming 2007.

The Tanner Lectures are a collection of educational and scientific discussions relating to human values. Conducted by leaders in their fields, the lectures are presented at prestigious educational facilities around the world.

Bayesian reasoning has been applied formally to statistical inference, machine learning and analysing scientific method. Here I apply it informally to more common forms of inference, namely natural language arguments. I analyse a variety of traditional fallacies, deductive, inductive and causal, and find more merit in them than is generally acknowledged. Bayesian principles provide a framework for understanding ordinary arguments which is well worth developing.

In this paper we show that there are certain limits as to what applications of Maynard Smith’s concept of evolutionarily stable strategy can tell us about evolutionary processes. We shall argue that ESS is very similar in spirit to a particular branch of rational choice game theory, namely, the literature on refinements of Nash equilibrium. In the first place, ESS can also be viewed as a Nash equilibrium refinement. At a deeper level, ESS shares a common structure with other rational (...) choice equilibrium refinements. An equilibrium is evaluated according to whether it persists under specific kinds of perturbations. In the case of ESS, these perturbations are mutations. However, from a dynamical point of view, focusing exclusively on perturbations of equilibria provides only a partial account of the system under consideration. We will show that this has important consequences when it comes to analyzing game-theoretic models of evolutionary processes. In particular, there are non-ESS states which are significant for evolutionary dynamics. (shrink)