Graduate studies at Western
Theory and Decision 42 (1):21-36 (1997)
|Abstract||This paper examines the relationship between Savage's sure thing principle and the value of information. We present two classes of results. First, we show that, under a consequentialist axiom, the sure-thing principle is neither sufficient nor necessary for perfect information to be always desirable: specifically, under consequentialism, the sure thing principle is not implied by the condition that perfect information is always valuable; moreover, the joint imposition of the sure thing principle, consequentialism and either one of two state independence axioms does not imply that perfect information is always desirable. Second, we demonstrate that, under consequentialism, the sure thing principle is necessary for a nonnegative value of possibly imperfect information (though of course the principle is still not sufficient). One implication of these results is that the sure thing principle, under consequentialism, plays a somewhat different role in ensuring dynamic consistency in decision making under uncertainty than does the independence axiom in decision making under risk|
|Keywords||Sure thing principle value of information consequentialism dynamic consistency|
No categories specified
(categorize this paper)
|Through your library||Configure|
Similar books and articles
Richard Jeffrey (1982). The Sure Thing Principle. PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association 1982:719 - 730.
Gary Gigliotti (1996). The Testing Principle: Inductive Reasoning and the Ellsberg Paradox. Thinking and Reasoning 2 (1):33 – 49.
Krystyna Misiuna (2011). O pewnej logice informacji. Filozofia Nauki 1.
Joel Smith (2004). On Knowing Which Thing I Am. Philosophy 79 (310):591-608.
Ralph Wedgwood (1998). The Fundamental Principle of Practical Reasoning. International Journal of Philosophical Studies 6 (2):189 – 209.
Stephen M. Gardiner (2006). A Core Precautionary Principle. Journal of Political Philosophy 14 (1):33–60.
Sara F. García-Gómez (1988). God and Descartes' Principle of Clear and Distinct Knowledge. Philosophy Research Archives 14:283-302.
D. Sedley (1998). Platonic Causes. Phronesis 43 (2):114 - 132.
David Sedley (1998). Platonic Causes. Phronesis 43 (2):114-132.
C. G. Timpson (2003). The Applicability of Shannon Information in Quantum Mechanics and Zeilinger's Foundational Principle. Philosophy of Science 70 (5):1233-1244.
Christopher G. Timpson (2003). The Applicability of Shannon Information in Quantum Mechanics and Zeilinger's Foundational Principle. Philosophy of Science 70 (5):1233-1244.
Charles Q. Wu (1997). Complementarity in Vision and Cognition. Philosophical Psychology 10 (4):481 – 488.
Martin Peterson (2004). From Outcomes to Acts: A Non-Standard Axiomatization of the Expected Utility Principle. Journal of Philosophical Logic 33 (4):361-378.
Added to index2010-09-02
Total downloads2 ( #246,545 of 739,352 )
Recent downloads (6 months)0
How can I increase my downloads?