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- Bruno Verbeek (2008). Consequentialism and Rational Choice: Lessons From the Allais Paradox. Pacific Philosophical Quarterly 89 (1):86–116.This paper investigates the relation between consequentialism, as conceived of in moral theory, and standard expected utility theory. I argue that there is a close connection between the two. I show furthermore that consequentialism is not neutral with regard to the values of the agent. Consequentialism, as well as standard expected utility theory, is incompatible with the recognition of considerations that depend on what could have been the case, such as regret and disappointment. I conclude that consequentialism should be rejected as a principle of rational choice and that there are reasons to doubt its plausibility in the realm of moral theory. Moreover, this is a reason to doubt whether standard expected utility theory is a plausible theory of rational choice.
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To 'consequentialise' is to take a putatively non-consequentialist moral theory and show that it is actually just another form of consequentialism. Some have speculated that every moral theory can be consequentialised. If this were so, then consequentialism would be empty; it would have no substantive content. As I argue here, however, this is not so. Beginning with the core consequentialist commitment to 'maximising the good', I formulate a precise definition of consequentialism and demonstrate that, given this definition, several sorts of moral theory resist consequentialisation. My strategy is to decompose consequentialism into three conditions, which I call 'agent neutrality', 'no moral dilemmas', and 'dominance', and then to exhibit some moral theories which violate each of these.
In this essay, I review some results that suggest that rational choice theory has interesting things to say about the virtues. In particular, I argue that rational choice theory can show, first, the role of certain virtues in a game-theoretic analysis of norms. Secondly, that it is useful in the characterization of these virtues. Finally, I discuss how rational choice theory can be brought to bear upon the justification of these virtues by showing how they contribute to a flourishing life. I do this by discussing one particular example of a norm - the requirement that agents to honor their promises of mutual assistance - and one particular virtue, trustworthiness.
This paper uses a two-dimensional version of a standard common consequence experiment to test the intransitivity explanation of Allais-paradox-type violations of expected utility theory. We compare the common consequence effect of two choice problems differing only with respect to whether alternatives are statistically correlated or independent. We framed the experiment so that intransitive preferences could explain violating behavior when alternatives are independent, but not when they are correlated. We found the same pattern of violation in the two cases. This is evidence against intransitivity as an explanation of the Allais Paradox. The question whether violations of expected utility are mainly due to intransitivity or to violation of independence is important since it is exactly on this issue the main new decision theories differ.
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This paper contributes to a theory of rational choice for decision-makers with incomplete preferences due to partial ignorance, whose beliefs are representable as sets of acceptable priors. We focus on the limiting case of `Complete Ignorance' which can be viewed as reduced form of the general case of partial ignorance. Rationality is conceptualized in terms of a `Principle of Preference-Basedness', according to which rational choice should be isomorphic to asserted preference. The main result characterizes axiomatically a new choice-rule called `Simultaneous Expected Utility Maximization'. It can be interpreted as agreement in a bargaining game (Kalai-Smorodinsky solution) whose players correspond to the (extremal) `acceptable priors' among which the decision maker has suspended judgment. An essential but non-standard feature of Simultaneous Expected Utility choices is their dependence on the entire choice set. This is justified by the conception of optimality as compromise rather than as superiority in pairwise comparisons.
Recent work on consequentialism has revealed it to be more flexible than previously thought. Consequentialists have shown how their theory can accommodate certain features with which it has long been considered incompatible, such as agent-centered constraints. This flexibility is usually thought to work in consequentialism’s favor. I want to cast doubt on this assumption. I begin by putting forward the strongest statement of consequentialism’s flexibility: the claim that, whatever set of intuitions the best nonconsequentialist theory accommodates, we can construct a consequentialist theory that can do the same while still retaining whatever is compelling about consequentialism. I argue that if this is true then most likely the non-consequentialist theory with which we started will turn out to have that same compelling feature. So while this extreme flexibility, if indeed consequentialism has it (a question I leave to the side), makes consequentialism more appealing, it makes non-consequentialism more appealing too.
This paper looks at a dispute decision theory about how best to characterize expected utility maximization and express the logic of rational choice. Where A1, … , An are actions open to some particular agent, and S1, … , Sn are mutually exclusive states of the world such that the agent knows at least one of which obtains, does the logic of rational choice require an agent to consider the conditional probability of choice Ai given that some state Si obtains, Prob(Ai/Si). Or, is the logic of choice better represented by considering the probability of the counterfactual if Ai then Si,
Prob(Ai ⟥-> Si). Causal decision theory, developed by Allan Gibbard, William Harper, and David Lewis defend the counterfactual analysis; whereas, Richard Jeffrey and others defend the conditional probability analysis, evidential decision theory. I argue that the problems posed by cases of decision instability favor evidential decision theory.
This is a general introduction to consequentialism.
Instrumental rationality requires that an agent selects those actions that give her the best outcomes. This is the principle of consequentialism. It may be that it is not the only requirement of this form of rationality. Considerations other than the outcomes may enter the picture as well. However, the outcome(s) of an action always play a role in determining its rationality. Seen in this light consequentialism is a minimum requirement of instrumental rationality. Therefore, any theory that tries to spell out the implications of instrumental rationality, in particular expected utility theory, should subscribe to the principle of consequentialism. Or so it seems.
This paper proposes a view uniformly extending expected utility calculations to both individual and group choice contexts. Three related cases illustrate the problems inherent in applying expected utility to group choices. However, these problems do not essentially depend upon the tact that more than one agent is involved. I devise a modified strategy allowing the application of expected utility calculations to these otherwise problematic cases. One case, however, apparently leads to contradiction. But recognizing the falsity of proposition (1) below allows the resolution of the contradiction, and also allows my modified strategy to resolve otherwise paradoxical cases of group choice such as the Prisoners' Dilemma:
(1) lf an agent x knows options A and B are both available, and x knows that were he to do A he would be better off (in every respect) than were he to do B, then doing A is more rational for x than doing B.
Discussion of Bruno Verbeek, Consequentialism and rational choice: Lessons from the Allais paradox
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