David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Economics and Philosophy 10 (02):195- (1994)
Expected-utility theory has been a popular and influential theory in philosophy, law, and the social sciences. While its original developers, von Neumann and Morgenstern, presented it as a purely predictive theory useful to the practitioners of economic science, many subsequent theorists, particularly those outside of economics, have come to endorse EU theory as providing us with a representation of reason. But precisely in what sense does EU theory portray reason? And does it do so successfully? There are two strikingly different answers to these questions in the literature. On the one hand, there is the view of people such as David Gauthier that EU theory is an implementation of the idea that reason's only role is instrumental. On the other hand, there is the view suggested by Leonard Savage that the theory is a “formal” and noninstrumental characterization of our reasoning process
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
Maurice Allais & Ole Hagen (eds.) (1979). Expected Utility Hypotheses and the Allais Paradox. D. Reidel.
Elizabeth Anderson (1993). Value in Ethics and Economics. Harvard University Press.
David Owen Brink (1989). Moral Realism and the Foundations of Ethics. Cambridge University Press.
James Dreier (1993). Structures of Normative Theories. The Monist 76 (1):22-40.
David P. Gauthier (1986). Morals by Agreement. Oxford University Press.
Citations of this work BETA
Raul Hakli, Kaarlo Miller & Raimo Tuomela (2010). Two Kinds of We-Reasoning. Economics and Philosophy 26 (03):291-320.
Chrisoula Andreou (2005). Incommensurable Alternatives and Rational Choice. Ratio 18 (3):249–261.
Similar books and articles
Hans Lottenbach (1994). Expected Utility and Constrained Maximization: Problems of Compatibility. [REVIEW] Erkenntnis 41 (1):37 - 48.
Bruno Verbeek (2008). Consequentialism and Rational Choice: Lessons From the Allais Paradox. Pacific Philosophical Quarterly 89 (1):86–116.
Olav Gjelsvik (2002). Paradox Lost, but in Which Envelope? Croatian Journal of Philosophy 2 (3):353-362.
Jack Vromen (2010). On the Surprising Finding That Expected Utility is Literally Computed in the Brain. Journal of Economic Methodology 17 (1):17-36.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Robin Pope (2000). Reconciliation with the Utility of Chance by Elaborated Outcomes Destroys the Axiomatic Basis of Expected Utility Theory. Theory and Decision 49 (3):223-234.
Pradier Pierre-Charles, David Teira & Jallais Sophie (2008). Facts, Norms and Expected Utility Functions. History of the Human Sciences 21 (2):45-62.
John Quiggin (2001). Production Under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory. Theory and Decision 51 (2/4):125-144.
Marc le Menestrel (2001). A Process Approach to the Utility for Gambling. Theory and Decision 50 (3):249-262.
Wesley Cooper (2008). Decision-Value Utilitarianism. Polish Journal of Philosophy 2 (2):39-50.
Daan Evers (2013). Weight for Stephen Finlay. Philosophical Studies 163 (3):737-749.
Daniel Hunter (1994). Act Utilitarianism and Dynamic Deliberation. Erkenntnis 41 (1):1 - 35.
Patrick Suppes (1981). The Limits of Rationality. Grazer Philosophische Studien 12:85-101.
Juan C. Candeal, Juan R. de Miguel & Esteban Induráin (2002). Expected Utility From Additive Utility on Semigroups. Theory and Decision 53 (1):87-94.
Fred Feldman (2006). Actual Utility, the Objection From Impracticality, and the Move to Expected Utility. Philosophical Studies 129 (1):49 - 79.
Added to index2010-09-14
Total downloads38 ( #62,487 of 1,696,180 )
Recent downloads (6 months)3 ( #177,966 of 1,696,180 )
How can I increase my downloads?