David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
History of the Human Sciences 21 (2):45-62 (2008)
In this paper we want to explore an argumentative pattern that provides a normative justification for expected utility functions grounded on empirical evidence, showing how it worked in three different episodes of their development. The argument claims that we should prudentially maximize our expected utility since this is the criterion effectively applied by those who are considered wisest in making risky choices (be it gamblers or businessmen). Yet, to justify the adoption of this rule, it should be proven that this is empirically true: i.e., that a given function allows us to predict the choices of that particular class of agents. We show how expected utility functions were introduced and contested in accordance with this pattern in the 18th century and how it recurred in the 1950s when M. Allais made his case against the neobernoullians.
|Keywords||History of expected utility theory Normative decision theory|
|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
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Ulrich Schmidt (2001). Lottery Dependent Utility: A Reexamination. Theory and Decision 50 (1):35-58.
Juan C. Candeal, Juan R. de Miguel & Esteban Induráin (2002). Expected Utility From Additive Utility on Semigroups. Theory and Decision 53 (1):87-94.
Jack Vromen (2010). On the Surprising Finding That Expected Utility is Literally Computed in the Brain. Journal of Economic Methodology 17 (1):17-36.
Teddy Seidenfeld, Extensions of Expected Utility Theory and Some Limitations of Pairwise Comparisons.
Marc le Menestrel (2001). A Process Approach to the Utility for Gambling. Theory and Decision 50 (3):249-262.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Hans Lottenbach (1994). Expected Utility and Constrained Maximization: Problems of Compatibility. [REVIEW] Erkenntnis 41 (1):37 - 48.
David Teira (2006). On the Normative Dimension of St. Petersburg Paradox. Studies in History and Philosophy of Science 37 (2):210-23.
Wesley Cooper (2008). Decision-Value Utilitarianism. Polish Journal of Philosophy 2 (2):39-50.
Added to index2009-07-26
Total downloads19 ( #135,870 of 1,699,567 )
Recent downloads (6 months)1 ( #362,609 of 1,699,567 )
How can I increase my downloads?