"[This book] proposes new foundations for the Bayesian principle of rational action, and goes on to develop a new logic of desirability and probabtility."—Frederic Schick, _Journal of Philosophy_.

This major work challenges some widely held positions in epistemology - those of Peirce and Popper on the one hand and those of Quine and Kuhn on the other.

First published in 1971, Professor Putnam's essay concerns itself with the ontological problem in the philosophy of logic and mathematics - that is, the issue of whether the abstract entities spoken of in logic and mathematics really exist. He also deals with the question of whether or not reference to these abstract entities is really indispensible in logic and whether it is necessary in physical science in general.

There is a tension between normative and descriptive elements in the theory of rational belief. This tension has been reflected in work in psychology and decision theory as well as in philosophy. Canons of rationality should be tailored to what is humanly feasible. But rationality has normative content as well as descriptive content.A number of issues related to both deductive and inductive logic can be raised. Are there full beliefs – statements that are categorically accepted? Should statements be accepted when (...) they become overwhelmingly probable? What is the structure imposed on these beliefs by rationality? Are they consistent? Are they deductively closed? What parameters, if any, does rational acceptance depend on? How can accepted statements come to be rejected on new evidenceShould degrees of belief satisfy the probability calculus? Does conformity to the probability calculus exhaust the rational constraints that can be imposed on partial beliefs? With the acquisition of new evidence, should beliefs change in accord with Bayes' theorem? Are decisions made in accord with the principle of maximizing expected utility? Should they be?A systematic set of answers to these questions is developed on the basis of a probabilistic rule of acceptance and a conception of interval-valued logical probability according to which probabilities are based onknownfrequencies. This leads to limited deductive closure, a demand for only limited consistency, and the rejection of Bayes' theorem as universally applicable to changes of belief. It also becomes possible, given new evidence, to reject previously accepted statements. (shrink)

This paper presents a decision theory which allows subjects to account for the uncertainties of their probability estimates. This is accomplished by modelling beliefs about states of nature by means of a class of probability measures. In order to represent uncertainties of those beliefs a measure of epistemic reliability is introduced. The suggested decision theory is evaluated in the light of empirical evidence on ambiguity and uncertainty in decision making. The theory is also compared to Tversky & Kahneman's prospect theory.

First published in 1971, Professor Putnam's essay concerns itself with the ontological problem in the philosophy of logic and mathematics - that is, the issue of whether the abstract entities spoken of in logic and mathematics really exist. He also deals with the question of whether or not reference to these abstract entities is really indispensible in logic and whether it is necessary in physical science in general.