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Cost-benefit versus expected utility acceptance rules

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Abstract

A rule for the acceptance of scientific hypotheses called ‘the principle of cost-benefit dominance’ is shown to be more effective and efficient than the well-known principle of the maximization of expected (epistemic) utility. Harvey's defense of his theory of the circulation of blood in animals is examined as a historical paradigm case of a successful defense of a scientific hypothesis and as an implicit application of the cost-benefit dominance rule advocated here. Finally, various concepts of ‘dominance’ are considered by means of which the effectiveness of our rule may be increased.

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Authors and Affiliations

  1. University of Guelph, Ontario, Canada

    Alex C. Michalos

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The number of friends who have kindly given me suggestions and encouragement is almost embarrassingly large, but I would like to express my gratitude to Myles Brand, Cliff Hooker, David Hull, Scott Kleiner, Hugh Lehman, Werner Leinfellner, Andrew McLaughlin and Tom W. Settle.

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Michalos, A.C. Cost-benefit versus expected utility acceptance rules. Theor Decis 1, 61–88 (1970). https://doi.org/10.1007/BF00132453

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