Value and unacceptable risk

Economics and Philosophy 21 (2):177-197 (2005)
Abstract
Consider a transitive value ordering of outcomes and lotteries on outcomes, which satisfies substitutivity of equivalents and obeys “continuity for easy cases,” i.e., allows compensating risks of small losses by chances of small improvements. Temkin (2001) has argued that such an ordering must also – rather counter-intuitively – allow chances of small improvements to compensate risks of huge losses. In this paper, we show that Temkin's argument is flawed but that a better proof is possible. However, it is more difficult to determine what conclusions should be drawn from this result. Contrary to what Temkin suggests, substitutivity of equivalents is a notoriously controversial principle. But even in the absence of substitutivity, the counter-intuitive conclusion is derivable from a strengthened version of continuity for easy cases. The best move, therefore, might be to question the latter principle, even in its original simple version: as we argue, continuity for easy cases gives rise to a sorites.
Keywords continuity axiom  Temkin, Larry  compensation of risks
Categories (categorize this paper)
DOI 10.1017/S0266267105000556
Options
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history
Request removal from index
Download options
Our Archive


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 27,195
Through your library
References found in this work BETA

No references found.

Add more references

Citations of this work BETA
Value Relations Revisited.Wlodek Rabinowicz - 2012 - Economics and Philosophy 28 (2):133-164.
Unacceptable Risks and the Continuity Axiom.Karsten Klint Jensen - 2012 - Economics and Philosophy 28 (1):31-42.

Add more citations

Similar books and articles
Transitivity and Vagueness.Mozaffar Qizilbash - 2005 - Economics and Philosophy 21 (1):109-131.
Inequality.Larry S. Temkin - 1986 - Philosophy and Public Affairs 15 (2):99-121.
Counterexamples to the Transitivity of Better Than.Stuart Rachels - 1998 - Australasian Journal of Philosophy 76 (1):71 – 83.
Intransitivity and the Person-Affecting Principle.Alastair Norcross - 1999 - Philosophy and Phenomenological Research 59 (3):769-776.
A "New" Principle of Aggregation.Larry S. Temkin - 2005 - Philosophical Issues 15 (1):218–234.

Monthly downloads

Added to index

2009-01-28

Total downloads

87 ( #59,328 of 2,163,866 )

Recent downloads (6 months)

1 ( #348,100 of 2,163,866 )

How can I increase my downloads?

My notes
Sign in to use this feature


Discussion
Order:
There  are no threads in this forum
Nothing in this forum yet.

Other forums