We pose and resolve several vexing decision theoretic puzzles. Some are variants of existing puzzles, such as 'Trumped' (Arntzenius and McCarthy 1997), 'Rouble trouble' (Arntzenius and Barrett 1999), 'The airtight Dutch book' (McGee 1999), and 'The two envelopes puzzle' (Broome 1995). Others are new. A unified resolution of the puzzles shows that Dutch book arguments have no force in infinite cases. It thereby provides evidence that reasonable utility functions may be unbounded and that reasonable credence functions need not be countably (...) additive. The resolution also shows that when infinitely many decisions are involved, the difference between making the decisions simultaneously and making them sequentially can be the difference between riches and ruin. Finally, the resolution reveals a new way in which the ability to make binding commitments can save perfectly rational agents from sure losses. (shrink)

To the extent that we have reasons to avoid these “bad B -properties”, these arguments provide reasons not to have an incoherent credence function b — and perhaps even reasons to have a coherent one. But, note that these two traditional arguments for probabilism involve what might be called “pragmatic” reasons (not) to be (in)coherent. In the case of the Dutch Book argument, the “bad” property is pragmatically bad (to the extent that one values money). But, it is not clear (...) whether the DBA pinpoints any epistemic defect of incoherent agents. The same can be said for Representation Theorem arguments, since they involve the structure of an agent’s preferences. (shrink)

This article defends the Doomsday Argument, the Halfer Position in Sleeping Beauty, the Fine-Tuning Argument, and the applicability of Bayesian confirmation theory to the Everett interpretation of quantum mechanics. It will argue that all four problems have the same structure, and it gives a unified treatment that uses simple models of the cases and no controversial assumptions about confirmation or self-locating evidence. The article will argue that the troublesome feature of all these cases is not self-location but selection effects.

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Some philosophers worry that it can never be reasonable to act simply on the basis of trust, yet you act on the basis of self-trust whenever you merely follow through on one of your own intentions. It is no more reasonable to follow through on an intention formed by an untrustworthy earlier self of yours than it is to act on the advice of an untrustworthy interlocutor. But reasonable mistrust equally presupposes untrustworthiness in the mistrusted, or evidence thereof. The concept (...) of an intention, I argue, codifies the fact that practical reason rests on a capacity for reasonable trust. (shrink)

This paper examines three accounts of the sleeping beauty case: an account proposed by Adam Elga, an account proposed by David Lewis, and a third account defended in this paper. It provides two reasons for preferring the third account. First, this account does a good job of capturing the temporal continuity of our beliefs, while the accounts favored by Elga and Lewis do not. Second, Elga’s and Lewis’ treatments of the sleeping beauty case lead to highly counterintuitive consequences. The proposed (...) account also leads to counterintuitive consequences, but they’re not as bad as those of Elga’s account, and no worse than those of Lewis’ account. (shrink)

The pragmatic character of the Dutch book argument makes it unsuitable as an "epistemic" justification for the fundamental probabilist dogma that rational partial beliefs must conform to the axioms of probability. To secure an appropriately epistemic justification for this conclusion, one must explain what it means for a system of partial beliefs to accurately represent the state of the world, and then show that partial beliefs that violate the laws of probability are invariably less accurate than they could be otherwise. (...) The first task can be accomplished once we realize that the accuracy of systems of partial beliefs can be measured on a gradational scale that satisfies a small set of formal constraints, each of which has a sound epistemic motivation. When accuracy is measured in this way it can be shown that any system of degrees of belief that violates the axioms of probability can be replaced by an alternative system that obeys the axioms and yet is more accurate in every possible world. Since epistemically rational agents must strive to hold accurate beliefs, this establishes conformity with the axioms of probability as a norm of epistemic rationality whatever its prudential merits or defects might be. (shrink)

According to Bayesian epistemology, the epistemically rational agent updates her beliefs by conditionalization: that is, her posterior subjective probability after taking account of evidence X, pnew, is to be set equal to her prior conditional probability pold(·|X). Bayesians can be challenged to provide a justification for their claim that conditionalization is recommended by rationality—whence the normative force of the injunction to conditionalize? There are several existing justifications for conditionalization, but none directly addresses the idea that conditionalization will be epistemically rational (...) if and only if it can reasonably be expected to lead to epistemically good outcomes. We apply the approach of cognitive decision theory to provide a justification for conditionalization using precisely that idea. We assign epistemic utility functions to epistemically rational agents; an agent’s epistemic utility is to depend both upon the actual state of the world and on the agent’s credence distribution over possible states. We prove that, under independently motivated conditions, conditionalization is the unique updating rule that maximizes expected epistemic utility. (shrink)

Probabilism is committed to two theses: 1) Opinion comes in degrees—call them degrees of belief, or credences. 2) The degrees of belief of a rational agent obey the probability calculus. Correspondingly, a natural way to argue for probabilism is: i) to give an account of what degrees of belief are, and then ii) to show that those things should be probabilities, on pain of irrationality. Most of the action in the literature concerns stage ii). Assuming that stage i) has been (...) adequately discharged, various authors move on to stage ii) with varied and ingenious arguments. But an unsatisfactory response at stage i) clearly undermines any gains that might be accrued at stage ii) as far as probabilism is concerned: if those things are not degrees of belief, then it is irrelevant to probabilism whether they should be probabilities or not. In this paper we scrutinize the state of play regarding stage i). We critically examine several of the leading accounts of degrees of belief: reducing them to corresponding betting behavior (de Finetti); measuring them by that behavior (Jeffrey); and analyzing them in terms of preferences and their role in decision-making more generally (Ramsey, Lewis, Maher). We argue that the accounts fail, and so they are unfit to subserve arguments for probabilism. We conclude more positively: ‘degree of belief’ should be taken as a primitive concept that forms the basis of our best theory of rational belief and decision: probabilism. (shrink)

In addition to purely practical values, cognitive values also figure into scientific deliberations. One way of introducing cognitive values is to consider the cognitive value that accrues to the act of accepting a hypothesis. Although such values may have a role to play, such a role does not exhaust the significance of cognitive values in scientific decision-making. This paper makes a plea for consideration of epistemic value —that is, value attaching to a state of belief—and defends the notion of cognitive (...) epistemic value against some criticisms that have been raised. A stability requirement for epistemic value functions is argued for on the basis of considerations of diachronic coherence. This stability requirement is sufficient to obtain the Value of Learning Theorem, which says that the expected utility of cost-free learning cannot be negative. This holds also for cognitive epistemic values, provided that the stability requirement is met. (shrink)

A critical examination of the Reflection principle in Bayesian epistemology, and of the diachronic Dutch-book-style arguments that have been invoked to support Reflection and Conditionalization.

One of the fundamental problems of epistemology is to say when the evidence in an agent’s possession justifies the beliefs she holds. In this paper and its prequel, we defend the Bayesian solution to this problem by appealing to the following fundamental norm: Accuracy An epistemic agent ought to minimize the inaccuracy of her partial beliefs. In the prequel, we made this norm mathematically precise; in this paper, we derive its consequences. We show that the two core tenets of Bayesianism (...) follow from the norm, while the characteristic claim of the Objectivist Bayesian follows from the norm along with an extra assumption. Finally, we consider Richard Jeffrey’s proposed generalization of conditionalization. We show not only that his rule cannot be derived from the norm, unless the requirement of Rigidity is imposed from the start, but further that the norm reveals it to be illegitimate. We end by deriving an alternative updating rule for those cases in which Jeffrey’s is usually supposed to apply. (shrink)

Can self-locating beliefs be relevant to non-self-locating claims? Traditional Bayesian modeling techniques have trouble answering this question because their updating rule fails when applied to situations involving contextsensitivity. This essay develops a fully general framework for modeling stories involving context-sensitive claims. The key innovations are a revised conditionalization rule and a principle relating models of the same story with different modeling languages. The essay then applies the modeling framework to the Sleeping Beauty Problem, showing that when Beauty awakens her degree (...) of belief in heads should be one-third. This demonstrates that it can be rational for an agent who gains only self-locating beliefs between two times to alter her degree of belief in a non-self-locating claim. (shrink)

This is surely a bit of Socrates' famous irony. He draws the analogy to explain how his friends should regard poetry as they regretfully banish it from the ideal state. But lovers were no more sensible then than they are now. The advice to banish poetry, undermined already by Plato's own delight and skill in drama, is perhaps undermined still further by this evocation of a 'sensible' lover who counts love so well lost. Yet Socrates' image is one of avowed (...) rationality and prudence. The sensible lover imitates the older literary example of Ulysses' tying himself to the mast. (The example belongs therefore to the class of problems treated in Elster (1979)). Both this lover and Ulysses foresee that under certain possible future conditions, their opinions, values and preferences will or would differ from what they are now, in a very definite fashion. To what extent is such foresight possible? Correspondingly (when we do not claim foreknowledge) to what extent is such opinion reasonable, rational, coherent, or consistent in some suitably broad sense? It is not easy to understand exactly what is possible or even logically permissible in this respect. In an earlier paper, "Belief and the Will", I argued for a principle ("Reflection") to govern such deliberation. Here I will both generalize the treatment of opinion in "Belief and the Will" and respond to criticism. Critical examples mainly resembled the story of Ulysses who foresaw a period of dysfunction (at the sound 2 of the sirens) in his epistemic and/or doxastic future. Other criticism focused on the model of opinion used (precise numerical subjective probability) and on the merits of Dutch Book arguments. The present argument will not rely on Dutch Book arguments and strategies, and the Reflection principle will be formulated so as to apply also to vague opinion. (shrink)

One of the fundamental problems of epistemology is to say when the evidence in an agent’s possession justifies the beliefs she holds. In this paper and its sequel, we defend the Bayesian solution to this problem by appealing to the following fundamental norm: Accuracy An epistemic agent ought to minimize the inaccuracy of her partial beliefs. In this paper, we make this norm mathematically precise in various ways. We describe three epistemic dilemmas that an agent might face if she attempts (...) to follow Accuracy, and we show that the only inaccuracy measures that do not give rise to such dilemmas are the quadratic inaccuracy measures. In the sequel, we derive the main tenets of Bayesianism from the relevant mathematical versions of Accuracy to which this characterization of the legitimate inaccuracy measures gives rise, but we also show that Jeffrey conditionalization has to be replaced by a different method of update in order for Accuracy to be satisfied. (shrink)