Joseph Raz; VII*—Value Incommensurability: Some Preliminaries, Proceedings of the Aristotelian Society, Volume 86, Issue 1, 1 June 1986, Pages 117–134, https://.

This is a major contribution to the theory of rational choice which will be of particular interest to philosophers and economists. The author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However, there is potential conflict among these conditions, and when they are weakened to avoid it the usual foundations of rational choice no longer prevail. The thrust of the (...) argument is to suggest that the theory of rational choice is less deterministic than many suppose. (shrink)

This book defends the view that any adequate account of rational decision making must take a decision maker's beliefs about causal relations into account. The early chapters of the book introduce the non-specialist to the rudiments of expected utility theory. The major technical advance offered by the book is a 'representation theorem' that shows that both causal decision theory and its main rival, Richard Jeffrey's logic of decision, are both instances of a more general conditional decision theory. The book solves (...) a long-standing problem for Jeffrey's theory by showing for the first time how to obtain a unique utility and probability representation for preferences and judgements of comparative likelihood. The book also contains a major new discussion of what it means to suppose that some event occurs or that some proposition is true. The most complete and robust defence of causal decision theory available. (shrink)

This paper is concerned with intransitivity in normative rational choice. It focuses on a class of intransitivities which have received little attention, those involving vague preferences. “Vague preferences” are defined in terms of vague predicates such as “red” or “bald.” Such preferences appear common, and intransitive indifference is argued to be an unavoidable feature of them. Such preferences are argued to undermine intransitive strict preference also. Various formal theories of vagueness are applied to an example of vague preferences, but none (...) of them provide a justification for the transitivity axiom. (shrink)

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)

Consequentialism, one of the major theories of normative ethics, maintains that the moral rightness of an act is determined solely by the act's consequences and its alternatives. The traditional form of consequentialism is one-dimensional, in that the rightness of an act is a function of a single moral aspect, such as the sum total of wellbeing it produces. In this book Martin Peterson introduces a new type of consequentialist theory: multidimensional consequentialism. According to this theory, an act's moral rightness depends (...) on several separate dimensions, including individual wellbeing, equality and risk. Peterson's novel approach shows that moral views about equality and risk that were previously thought to be mutually incompatible can be rendered compatible, and his precise theoretical discussion helps the reader to understand better the distinction between consequentialist and non-consequentialist theories. His book will interest a wide range of readers in ethics. (shrink)

This is a major work in moral philosophy, the long-awaited follow-up to Parfit's 1984 classic Reasons and Persons, a landmark of twentieth-century philosophy. Parfit now presents a powerful new treatment of reasons and a critical examination of the most prominent systematic moral theories, leading to his own ground-breaking conclusion.

The author defines moral dilemmas as situations where there is a moral requirement for an agent to adopt each of two alternatives, And the agent cannot adopt both, But neither moral requirement overrides the other. The author then argues that moral dilemmas are possible because conflicting moral requirements can be either symmetrical or incomparable in a way that is limited enough to be plausible but still strong enough to yield moral dilemmas.

Gustafsson and Espinoza have recently argued that the ‘small-improvement argument’, against completeness as a rationality requirement for preference orderings, is defective. They claim that the two main premises of the argument conflict, and hence should not both be accepted. I show that this conflict can be avoided by modifying one of the premises.

The standard argument for the claim that rational preferences are transitive is the pragmatic money-pump argument. However, a money-pump only exploits agents with cyclic strict preferences. In order to pump agents who violate transitivity but without a cycle of strict preferences, one needs to somehow induce such a cycle. Methods for inducing cycles of strict preferences from non-cyclic violations of transitivity have been proposed in the literature, based either on offering the agent small monetary transaction premiums or on multi-dimensional preferences. (...) This paper argues that previous proposals have been flawed and presents a new approach based on the dominance principle. (shrink)

We are often faced with choices that involve the weighing of people's lives against each other, or the weighing of lives against other good things. These are choices both for individuals and for societies. A person who is terminally ill may have to choose between palliative care and more aggressive treatment, which will give her a longer life but at some cost in suffering. We have to choose between the convenience to ourselves of road and air travel, and the lives (...) of the future people who will be killed by the global warming we cause, through violent weather, tropical disease, and heat waves. We also make choices that affect how many lives there will be in the future: as individuals we choose how many children to have, and societies choose tax policies that influence people's choices about having children. These are all problems of weighing lives. How should we weigh lives? Weighing Lives develops a theoretical basis for answering this practical question. It extends the work and methods of Broome's earlier book Weighing Goods to cover the questions of life and death. Difficult problems come up in the process. In particular, Weighing Lives tackles the well-recognized, awkward problems of the ethics of population. It carefully examines the common intuition that adding people to the population is ethically neutral - neither a good nor a bad thing - but eventually concludes this intuition cannot be fitted into a coherent theory of value. In the course of its argument, Weighing Lives examines many of the issues of contemporary moral theory: the nature of consequentialism and teleology; the transitivity, continuity, and vagueness of betterness; the quantitative conception of wellbeing; the notion of a life worth living; the badness of death; and others. This is a work of philosophy, but one of its distinctive features is that it adopts some of the precise methods of economic theory (without introducing complex mathematics). Not only philosophers, but also economists and political theorists concerned with the practical question of valuing life, should find the book's conclusions highly significant to their work. (shrink)

This paper is the introduction to the volume. It gives an argumentative view of the philosophical landscape concerning incommensurability and incomparability. It argues that incomparability, not incommensurability, is the important phenomenon on which philosophers should be focusing and that the arguments for the existence of incomparability are so far not compelling.

This paper deals with the truth-Conditions and the logic for vague languages. The use of supervaluations and of classical logic is defended; and other approaches are criticized. The truth-Conditions are extended to a language that contains a definitely-Operator and that is subject to higher order vagueness.

This paper argues for the existence of a fourth positive generic value relation that can hold between two items beyond ‘better than’, ‘worse than’, and ‘equally good’: namely ‘on a par’.

I describe in section 1 how cyclical preferences can arise. In section 2, I relate preference to judgments of choiceworthiness and distinguish between two kinds of preference cycles, vicious and benign. In section 3, I run through the standard money pump in order to show, in section 4, how this pump can be stopped by foresight, using backward induction. A new money pump that *cannot* be stopped by foresight is presented in section 5. This pump works even for agents with (...) benign cyclical preferences. What makes it work is persistency on the part of the would-be exploiter. In section 6, I compare this pump to a diachronic Dutch book that can be set up against someone whose probability assignments violate Reflection. Even in this case, the book only works if the bookie is assumed to be persistent. I use this comparison between preference cyclicity and violations of Reflection in order to question whether exploitability must be seen as a proof of irrationality. Finally, in section 7, I consider resolute choice as an alternative to the backward-induction procedure. While a resolute chooser cannot be exploited, I argue that resoluteness is not required by rationality. The argument is based on a suggestion that rationality, when it comes to actions, is a local rather than a global requirement. (shrink)

Can quite different values be rationally weighed against one another? Can the value of one thing always be ranked as greater than, equal to, or less than the value of something else? If the answer to these questions is no, then in what areas do we find commensurability and comparability unavailable? And what are the implications for moral and legal decision making? This book struggles with these questions, and arrives at distinctly different answers.".

In this article, I argue that the small-improvement argument fails since some of the comparisons involved in the argument might be indeterminate. I defend this view from two objections by Ruth Chang, namely the argument from phenomenology and the argument from perplexity. There are some other objections to the small-improvement argument that also hinge on claims about indeterminacy. John Broome argues that alleged cases of value incomparability are merely examples of indeterminacy in the betterness relation. The main premise of his (...) argument is the much-discussed collapsing principle. I offer a new counterexample to this principle and argue that Broome's defence of the principle is not cogent. On the other hand, Nicolas Espinoza argues that the small-improvement argument fails as a result of the mere possibility of evaluative indeterminacy. I argue that his objection is unsuccessful. (shrink)

This book makes a significant contribution to the standard decision theory, that is, the theory of choice built around the principle of maximizing expected utility, both to its causal version and to the more traditional noncausal approach. The author’s success in clarifying the foundations of the standard decision theory in general, and causal decision theory in particular, also makes the book uniquely suitable for a person whose research in philosophy has led her to want to learn about contemporary decision theory. (...) The book presupposes some mathematical sophistication, and it contains more philosophical and mathematical argumentation per page than may be suitable for an undergraduate level course; but it stands out as an ideal textbook for a graduate-level course focused on the foundations of the standard decision theory. (shrink)

Contemporary philosophers interested in value theory appear to be largely concerned with questions of the following sort:What is value?What is the meaning of the word ‘good’?Does the attribution of value to an object have a cognitive, or merely an emotive, significance?The first question is metaphysical; to ask it is analogous to asking in physics:What is matter?What is electricity?The others are generally treated as semantical questions; to ask them is analogous to asking in statistics:What is the meaning of the word ‘probable’?Does (...) an attribution of probability express an objective fact, or merely a subjective attitude? (shrink)

The money-pump argument is the standard argument for the acyclicity of rational preferences. The argument purports to show that agents with cyclic preferences are in some possible situations forced to act against their preference. In the usual, diachronic version of the money-pump argument, such agents accept a series of trades that leaves them worse off than before. Two stock objections are (i) that one may get the drift and refuse the trades and (ii) that one may adopt a plan to (...) only accept some of the trades. This article argues that these objections are irrelevant. If the diachronic money-pump argument is cogent, so is a more direct synchronic argument. The upshot is that the standard objections to the diachronic money-pump argument do not affect this simpler synchronic argument. Hence the standard objections to the money-pump argument for acyclicity are irrelevant. (shrink)

Some philosophers believe that two objects of value can be ‘roughly equal’, or ‘on a par’, or belong to the same ‘clump’ of value in a sense that is fundamentally different from that in which some objects are ‘better than’, ‘worse than’, or ‘equally as good as’ others. This article shows that if two objects are on a par, or belong to the same clump, then an agent accepting a few plausible premises can be exploited in a money-pump. The central (...) premise of the argument is that value is choice-guiding. If one object is more valuable than another, then it is not permitted to choose the less valuable object; and if two objects are equally valuable it is permitted to choose either of them; and if two objects are on a par or belong to the same clump it is also permitted to choose either of them. (shrink)

Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome's work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of his most important essays, augmented (...) with an updated introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy. (shrink)

Act-consequentialism is usually taken to be the view that we ought to perform the act that will have the best consequences. But this definition ignores the possibility of various non-maximizing forms of act-consequentialism, e.g. satisficing theories that tell us to perform the act whose consequences will be good enough. What seems crucial to act-consequentialism is not that we ought to maximize value but that the normative status of alternative actions depends solely on the values of their outcomes. The purpose of (...) this paper is to spell out this dependency claim and argue that it should be seen as the denning feature of act-consequentialism. In particular, I will defend the definition against certain objections that purport to show that the definition is too wide and too narrow. (shrink)

This paper casts doubts on John Broome's view that vagueness in value comparisons crowds out incommensurability in value. It shows how vagueness can be imposed on a formal model of value relations that has room for different types of incommensurability. The model implements some basic insights of the ‘fitting attitudes’ analysis of value.

An agent whose preferences violate the Independence Axiom or for some other reason are not representable by an expected utility function, can avoid 'dynamic inconsistency' either by foresight ('sophisticated choice') or by subsequent adjustment of preferences to the chosen plan of action ('resolute choice'). Contrary to McClennen and Machina, among others, it is argued these two seemingly conflicting approaches to 'dynamic rationality' need not be incompatible. 'Wise choice' reconciles foresight with a possibility of preference adjustment by rejecting the two assumptions (...) that create the conflict: Separability of Preferences in the case of sophisticated choice and Reduction to Normal form in the case of resolute choice.. (shrink)