Graduate studies at Western
Journal of Philosophy 92 (11):586-620 (1995)
|Abstract||An agent whose preferences violate the Independence Axiom or for some other reason are not representable by an expected utility function, can avoid 'dynamic inconsistency' either by foresight ('sophisticated choice') or by subsequent adjustment of preferences to the chosen plan of action ('resolute choice'). Contrary to McClennen and Machina, among others, it is argued these two seemingly conflicting approaches to 'dynamic rationality' need not be incompatible. 'Wise choice' reconciles foresight with a possibility of preference adjustment by rejecting the two assumptions that create the conflict: Separability of Preferences in the case of sophisticated choice and Reduction to Normal form in the case of resolute choice..|
|Keywords||dynamic choice sophisticated choice resolute choice dynamic inconsistency backward induction|
|Categories||categorize this paper)|
|Through your library||Configure|
Similar books and articles
Klaus Nehring (2000). A Theory of Rational Choice Under Ignorance. Theory and Decision 48 (3):205-240.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
Isabelle Brocas (2011). Dynamic Inconsistency and Choice. Theory and Decision 71 (3):343-364.
José Luis Bermúdez (2010). Pitfalls for Realistic Decision Theory: An Illustration From Sequential Choice. Synthese 176 (1):23 - 40.
David E. Buschena & David Zilberman (1999). Testing the Effects of Similarity on Risky Choice: Implications for Violations of Expected Utility. Theory and Decision 46 (3):253-280.
Edward F. McClennen (1990). Rationality and Dynamic Choice: Foundational Explorations. Cambridge University Press.
Wlodek Rabinowicz (2000). Preference Stability and Substitution of Indifferents: A Rejoinder to Seidenfeld. Theory and Decision 48 (4):311-318.
Ludwig von Auer (1999). Dynamic Choice Mechanisms. Theory and Decision 46 (3):295-312.
Wlodek Rabinowicz (1997). On Seidenfeldâs Criticism of Sophisticated Violations of the Independence Axiom. Theory and Decision 43 (3):279-292.
Added to index2009-01-28
Total downloads25 ( #55,763 of 738,450 )
Recent downloads (6 months)2 ( #37,337 of 738,450 )
How can I increase my downloads?