David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal for the Theory of Social Behaviour 41 (2):209-227 (2011)
Most decisions in life involve ambiguity, where probabilities can not be meaningfully specified, as much as they involve probabilistic uncertainty. In such conditions, the aspiration to utility maximization may be self-deceptive. We propose “robust satisficing” as an alternative to utility maximizing as the normative standard for rational decision making in such circumstances. Instead of seeking to maximize the expected value, or utility, of a decision outcome, robust satisficing aims to maximize the robustness to uncertainty of a satisfactory outcome. That is, robust satisficing asks, “what is a ‘good enough’ outcome,” and then seeks the option that will produce such an outcome under the widest set of circumstances. We explore the conditions under which robust satisficing is a more appropriate norm for decision making than utility maximizing
|Keywords||utility maximizing radical uncertainty probabilistic uncertainty psychological satisficing robust satisficing|
|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
Frank Knight (1921). Risk, Uncertainty and Profit. University of Chicago Press.
John Locke (2008/1995). An Essay Concerning Human Understanding. Oxford University Press.
Leonard J. Savage (1954). The Foundations of Statistics. Wiley Publications in Statistics.
Citations of this work BETA
No citations found.
Similar books and articles
Patricia Greenspan (2009). Resting Content: Sensible Satisficing? American Philosophical Quarterly 46 (4):305 - 317.
Michael A. Goodrich, Wynn C. Stirling & Erwin R. Boer (2000). Satisficing Revisited. Minds and Machines 10 (1):79-109.
Edmund Henden (2007). Is Genuine Satisficing Rational? Ethical Theory and Moral Practice 10 (4):339 - 352.
Michael Byron (ed.) (2004). Satisficing and Maximizing: Moral Theorists on Practical Reason. Cambridge University Press.
Paul Weirich (2010). Utility and Framing. Synthese 176 (1):83 - 103.
Paul Weirich (2004). Realistic Decision Theory: Rules for Nonideal Agents in Nonideal Circumstances. OUP USA.
Phan H. Giang & Prakash P. Shenoy (2000). A Qualitative Linear Utility Theory for Spohn's Theory of Epistemic Beliefs. In C. Boutilier & M. Goldszmidt (eds.), Uncertainty in Artificial Intelligence 16. Morgan Kaufmann.
Richard M. Shiffrin (2003). Locally Rational Decision-Making. Behavioral and Brain Sciences 26 (2):175-175.
Tim Mulgan (2001). How Satisficers Get Away with Murder. International Journal of Philosophical Studies 9 (1):41 – 46.
Tim Mulgan (2006). SLOTE'S SATISFICING CONSEQUENTIALISM. Ratio 6 (2):121 - 134.
Ben Bradley (2006). Against Satisficing Consequentialism. Utilitas 18 (2):97-108.
Added to index2010-11-04
Total downloads23 ( #74,633 of 1,100,986 )
Recent downloads (6 months)4 ( #80,918 of 1,100,986 )
How can I increase my downloads?