Erkenntnis 64 (1):85 - 100 (2006)

Authors
Michael Clark
Nottingham University
Nicholas Shackel
Cardiff University
Abstract
Nicholas Rescher claims that rational decision theory “may leave us in the lurch”, because there are two apparently acceptable ways of applying “the standard machinery of expected-value analysis” to his Dr. Psycho paradox which recommend contradictory actions. He detects a similar contradiction in Newcomb’s problem. We consider his claims from the point of view of both Bayesian decision theory and causal decision theory. In Dr. Psycho and in Newcomb’s Problem, Rescher has used premisses about probabilities which he assumes to be independent. From the former point of view, we show that the probability premisses are not independent but inconsistent, and their inconsistency is provable within probability theory alone. From the latter point of view, we show that their consistency can be saved, but then the contradictory recommendations evaporate. Consequently, whether one subscribes to evidential or causal decision theory, rational decision theory is not in any way vitiated by Rescher’s arguments.
Keywords Epistemology  Newcomb  Dr Psycho  Paradox
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Reprint years 2006
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DOI 10.1007/s10670-005-7515-y
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References found in this work BETA

The Logic of Decision.Richard C. Jeffrey - 1965 - New York, NY, USA: University of Chicago Press.
Causal Decision Theory.David Lewis - 1981 - Australasian Journal of Philosophy 59 (1):5 – 30.
Counterfactuals and Two Kinds of Expected Utility.Allan Gibbard & William L. Harper - 1978 - In A. Hooker, J. J. Leach & E. F. McClennen (eds.), Foundations and Applications of Decision Theory. D. Reidel. pp. 125-162.
Against Causal Decision Theory.Huw Price - 1986 - Synthese 67 (2):195 - 212.
Newcomb’s Many Problems.Isaac Levi - 1975 - Theory and Decision 6 (2):161-175.

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