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There are decision problems where the preferences that seem rational to many people cannot be accommodated within orthodox decision theory in the natural way. In response, a number of alternatives to the orthodoxy have been proposed. In this paper, I offer an argument against those alternatives and in favour of the orthodoxy. I focus on preferences that seem to encode sensitivity to risk. And I focus on the alternative to the orthodoxy proposed by Lara Buchaks risk-weighted expected utility theory. I will show that the orthodoxy can be made to accommodate all of the preferences that Buchaks theory can accommodate.
|Number of pages||29|
|Journal||Canadian Journal of Philosophy|
|Early online date||8 Jan 2016|
|Publication status||Published - Jun 2016|
- decision theory
- expected utility theory
- rational choice theory
- scoring rules
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- 1 Finished
EUT: Epistemic Utility Theory: Foundations and Applications
1/01/13 → 1/01/17