David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jonathan Jenkins Ichikawa
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 71 (2):195-210 (2011)
This article concerns the prescriptive function of decision analysis. Consider an agent who must choose an action yielding welfare that varies with an unknown state of nature. It is often asserted that such an agent should adhere to consistency axioms which imply that behavior can be represented as maximization of expected utility. However, our agent is not concerned the consistency of his behavior across hypothetical choice sets. He only wants to make a reasonable choice from the choice set that he actually faces. Hence, I reason that prescriptions for decision making should respect actuality. That is, they should promote welfare maximization in the choice problem the agent actually faces. Any choice respecting weak and stochastic dominance is rational from the actualist perspective.
|Keywords||Prescriptive decision analysis Decisions with partial knowledge Respect for dominance Consequentialism|
|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
Daniel Kahneman, Paul Slovic & Amos Tversky (eds.) (1982). Judgment Under Uncertainty: Heuristics and Biases. Cambridge University Press.
Leonard J. Savage (1954). The Foundations of Statistics. Wiley Publications in Statistics.
Ken Binmore (2011). Rational Decisions. Princeton University Press.
Charles F. Manski (1988). Ordinal Utility Models of Decision Making Under Uncertainty. Theory and Decision 25 (1):79-104.
Citations of this work BETA
No citations found.
Similar books and articles
Reed Richter (1984). Rationality Revisited. Australasian Journal of Philosophy 62 (4):392 – 403.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
Klaus Nehring (2000). A Theory of Rational Choice Under Ignorance. Theory and Decision 48 (3):205-240.
Wlodek Rabinowicz (1995). To Have One's Cake and Eat It, Too: Sequential Choice and Expected-Utility Violations. Journal of Philosophy 92 (11):586-620.
Paola Tubaro (2009). Is Individual Rationality Essential to Market Price Formation? The Contribution of Zero‐Intelligence Agent Trading Models. Journal of Economic Methodology 16 (1):1-19.
J. McKenzie Alexander (2012). Why the Angels Cannot Choose. Australasian Journal of Philosophy 90 (4):619 - 640.
Teddy Seidenfeld, Mark J. Schervish & Joseph B. Kadane (2010). Coherent Choice Functions Under Uncertainty. Synthese 172 (1):157 - 176.
José Luis Bermúdez (2010). Pitfalls for Realistic Decision Theory: An Illustration From Sequential Choice. Synthese 176 (1):23 - 40.
Jeffrey Helzner (2013). Rationalizing Two-Tiered Choice Functions Through Conditional Choice. Synthese 190 (6):929-951.
Darren Bradley (2013). Decision Theory, Philosophical Perspectives. In Hal Pashler (ed.), Encyclopedia of the Mind. Sage
Michael J. Murray (2005). Spontaneity and Freedom in Leibniz. In Donald Rutherford & J. A. Cover (eds.), Leibniz: Nature and Freedom. Oxford University Press 194--216.
Hykel Hosni & Jeff Paris (2005). Rationality as Conformity. Synthese 144 (2):249 - 285.
Isaac Levi (2008). Why Rational Agents Should Not Be Liberal Maximizers. Canadian Journal of Philosophy 38 (S1):1-17.
Edward F. McClennen (1990). Rationality and Dynamic Choice: Foundational Explorations. Cambridge University Press.
Michael Almeida (2006). The Unreal Problem of No Best World. Philo 9 (2):103-112.
Added to index2011-07-13
Total downloads42 ( #104,061 of 1,934,424 )
Recent downloads (6 months)1 ( #434,207 of 1,934,424 )
How can I increase my downloads?