It is a commonplace that in making decisions agents often have to juggle competing values, and that no choice will maximise satisfaction of them all. However, the prevailing account of these cases assumes that there is always a single ranking of the agent's values, and therefore no unresolvable conflict between them. Isaac Levi denies this assumption, arguing that agents often must choose without having balanced their different values and that to be rational, an act does not have to be optimal, (...) only what Levi terms 'admissible'. This book explores the consequences of denying the assumption and develops a general approach to decision-making under unresolved conflict. Professor Levi discusses conflicts of value in several domains - those arising in moral dilemmas, the drawing of scientific inferences, decisions taken under uncertainty, and in social choice. In each of these he adapts his theoretical framework, showing how conflict may often be reduced though not always altogether eliminated. (shrink)

Left freely to themselves, a group of rational individuals often fail to cooperate even when the product of social cooperation is beneficial to all. Hence, the author argues, a rule of collective decision making is clearly needed that specifies how social cooperation should be organised among contributing individuals. Suzumura gives a systematic presentation of the Arrovian impossibility theorems of social choice theory, so as to describe and enumerate the various factors that are responsible for the stability of the voluntary association (...) of free and rational individuals. Among other topics covered are an axiomatic characterisation of the concept of a rational choice, the simple majority decision rule and its extensions, the social choice implications of the concept of equity as nonenvy, the constrained majoritarian collective choice rules and the conflict between the Paretian ethics and the libertarian claims of individual rights. (shrink)

We discuss several features of coherent choice functions—where the admissible options in a decision problem are exactly those that maximize expected utility for some probability/utility pair in fixed set S of probability/utility pairs. In this paper we consider, primarily, normal form decision problems under uncertainty—where only the probability component of S is indeterminate and utility for two privileged outcomes is determinate. Coherent choice distinguishes between each pair of sets of probabilities regardless the “shape” or “connectedness” of the sets of probabilities. (...) We axiomatize the theory of choice functions and show these axioms are necessary for coherence. The axioms are sufficient for coherence using a set of probability/almost-state-independent utility pairs. We give sufficient conditions when a choice function satisfying our axioms is represented by a set of probability/state-independent utility pairs with a common utility. (shrink)

Isaac Levi's new book is concerned with how one can justify changing one's beliefs. The discussion is deeply informed by the belief-doubt model advocated by C. S. Peirce and John Dewey, of which the book provides a substantial analysis. Professor Levi then addresses the conceptual framework of potential changes available to an inquirer. A structural approach to propositional attitudes is proposed, which rejects the conventional view that a propositional attitude involves a relation between an agent and either a linguistic entity (...) or some other intentional object such as a proposition or set of possible worlds. The last two chapters offer an account of change in states of full belief understood as changes in commitments rather than changes in performance; one chapter deals with adding new information to a belief state, the other with giving up information. The book builds upon topics discussed in some of Levi's earlier work. It will be of particular interest to discussion theorists, epistemologists, philosophers of science, computer scientists, and cognitive psychologists. (shrink)

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

Set-valued choice functions provide a framework that is general enough to encompass a wide variety of theories that are significant to the study of rationality but, at the same time, offer enough structure to articulate consistency conditions that can be used to characterize some of the theories within this encompassed variety. Nonetheless, two-tiered choice functions, such as those advocated by Isaac Levi, are not easily characterized within the framework of set-valued choice functions. The present work proposes conditional choice functions as (...) the proper carriers of synchronic rationality. The resulting framework generalizes the familiar one mentioned above without emptying it and, moreover, provides a natural setting for two-tiered choice rules. (shrink)

Role of the entrepreneur in a distinct role of profit.

An examination of topics involved in statistical reasoning with imprecise probabilities. The book discusses assessment and elicitation, extensions, envelopes and decisions, the importance of imprecision, conditional previsions and coherent statistical models.

This article elaborates on foundational issues in the social sciences and their impact on the contemporary theory of belief revision. Recent work in the foundations of economics has focused on the role external social norms play in choice. Amartya Sen has argued in [Sen93] that the traditional rationalizability approach used in the theory of rational choice has serious problems accommodating the role of social norms. Sen's more recent work [Sen96, Sen97] proposes how one might represent social norms in the theory (...) of choice, and in a very recent article [BS07] Walter Bossert and Kotaro Suzumura develop Sen's proposal, offering an extension of the classical theory of choice that is capable of dealing with social norms. The first part of this article offers an alternative functional characterization of the extended notion of rationality employed by Bossert and Suzumura in [BS07]. This characterization, unlike the one offered in [BS07], represents a norm-sensitive notion of rationality in terms of a pure functional constraint unmediated by a notion of revealed preference (something that is crucial for the application developed in the second part of this article). This functional characterization is formulated for general domains (as is Bossert and Suzumura's characterization) and is therefore empirically more applicable than usual characterizations of rationality. Interestingly, the functional constraint we propose is a variant of a condition first entertained in [AGM85] by Carlos Alchourrón, Peter Gärdenfors and David Makinson in the area of belief change. The second part of this article applies the theory developed in the first part to the realm of belief change. We first point out that social norms can be invoked to concoct counterexamples against some postulates of belief change (like postulate (*7)) that are necessary for belief change to be relational. These examples constitute the epistemological counterpart of Sen's counterexamples against condition α in rational choice (as a matter of fact, Rott has showed in [Rot01] that condition and postulate (*7) are mutually mappable). These examples are variants of examples Rott has recently presented in [Rot04]. One of our main goals in this article consists in applying the theory developed in the first part to develop a theory of norm-inclusive belief change that circumvents the counterexamples. We offer a new axiomatization for belief change and we furnish correspondence results relating constraints of rational choice to postulates of belief change. (shrink)

It is a familiar argument that advocates accommodating the so-called paradoxes of decision theory by abandoning the “independence” postulate. After all, if we grant that choice reveals preference, the anomalous choice patterns of the Allais and Ellsberg problems violate postulate P2 of Savage's system. The strategy of making room for new preference patterns by relaxing independence is adopted in each of the following works: Samuelson, Kahneman and Tversky's “Prospect Theory”, Allais and Hagen, Fishburn, Chew and MacCrimmon, McClennen, and in closely (...) argued essays by Machina. (shrink)

"[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_.

C.S. Peirce, the founder of pragmatism, argued that truth is what we would agree upon, were inquiry to be pursued as far as it could fruitfully go. In this book, Misak argues for and elucidates the pragmatic account of truth, paying attention both to Peirce's texts and to the requirements of a suitable account of truth. An important argument of the book is that we must be sensitive to the difference between offering a definition of truth and engaging in a (...) distinctively pragmatic project. The pragmatic project spells out the relationship between truth and inquiry; it articulates the consequences of a statement's being true. The existence of a distinct pragmatic enterprise has implications for the status of the pragmatic account of truth and for the way in which philosophy should be conducted. (shrink)

Change, Choice and Inference develops logical theories that are necessary both for the understanding of adaptable human reasoning and for the design of intelligent systems. The book shows that reasoning processes - the drawing on inferences and changing one's beliefs - can be viewed as belonging to the realm of practical reason by embedding logical theories into the broader context of the theory of rational choice. The book unifies lively and significant strands of research in logic, philosophy, economics and artificial (...) intelligence. It elaborates on the relevant theories and provides a mathematically precise foundation for the thesis that large parts of theoretical reason can be subsumed under practical reason. (shrink)

This book presents Ariel Rubinstein's lecture notes for the first part of his well-known graduate course in microeconomics.

This important collection of essays is a synthesis of foundational studies in Bayesian decision theory and statistics. An overarching topic of the collection is understanding how the norms for Bayesian decision making should apply in settings with more than one rational decision maker and then tracing out some of the consequences of this turn for Bayesian statistics. There are four principal themes to the collection: cooperative, non-sequential decisions; the representation and measurement of 'partially ordered' preferences; non-cooperative, sequential decisions; and pooling (...) rules and Bayesian dynamics for sets of probabilities. The volume will be particularly valuable to philosophers concerned with decision theory, probability, and statistics, statisticians, mathematicians, and economists. (shrink)