I set out and defend a view on indicative conditionals that I call “indexical relativism ”. The core of the view is that which proposition is expressed by an utterance of a conditional is a function of the speaker’s context and the assessor’s context. This implies a kind of relativism, namely that a single utterance may be correctly assessed as true by one assessor and false by another.

This paper provides an update semantics for counterfactual conditionals. It does so by giving a dynamic twist to the ‘Premise Semantics’ for counterfactuals developed in Veltman (1976) and Kratzer (1981). It also offers an alternative solution to the problems with naive Premise Semantics discussed by Angelika Kratzer in ‘Lumps of Thought’ (Kratzer, 1989). Such an alternative is called for given the triviality results presented in Kanazawa et al. (2005, this issue).