Economics and Philosophy 28 (1):31-42 (2012)

Abstract
Consider a sequence of outcomes of descending value, A > B > C >... > Z. According to Larry Temkin, there are reasons to deny the continuity axiom in certain ‘extreme’ cases, i.e. cases of triplets of outcomes A, B and Z, where A and B differ little in value, but B and Z differ greatly. But, Temkin argues, if we assume continuity for ‘easy’ cases, i.e. cases where the loss is small, we can derive continuity for the ‘extreme’ case by applying the axiom of substitution and the axiom of transitivity. The rejection of continuity for ‘extreme’ cases therefore renders the triad of continuity in ‘easy’ cases, the axiom of substitution and the axiom of transitivity inconsistent.As shown by Arrhenius and Rabinowitz, Temkin's argument is flawed. I present a result which is stronger than their alternative proof of an inconsistency. However, this result is not quite what Temkin intends, because it only refers to an ordinal ranking of the outcomes in the sequence, whereas Temkin appeals to intuitions about the size of gains and losses. Against this background, it is argued that Temkin's trilemma never gets off the ground. This is because Temkin appeals to two mutually inconsistent conceptions of aggregation of value. Once these are clearly separated, it will transpire, in connection with each of them, that one of the principles to be rejected does not appear plausible. Hence, there is nothing surprising or challenging about the result; it is merely a corollary to Expected Utility Theory. View HTML Send article to KindleTo send this article to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle. Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply. Find out more about the Kindle Personal Document Service.UNACCEPTABLE RISKS AND THE CONTINUITY AXIOMVolume 28, Issue 1Karsten Klint Jensen DOI: https://doi.org/10.1017/S0266267112000107Your Kindle email address Please provide your Kindle [email protected]@kindle.com Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Dropbox To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox. UNACCEPTABLE RISKS AND THE CONTINUITY AXIOMVolume 28, Issue 1Karsten Klint Jensen DOI: https://doi.org/10.1017/S0266267112000107Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Google Drive To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive. UNACCEPTABLE RISKS AND THE CONTINUITY AXIOMVolume 28, Issue 1Karsten Klint Jensen DOI: https://doi.org/10.1017/S0266267112000107Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Export citation Request permission.
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.1017/s0266267112000107
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 63,194
Through your library

References found in this work BETA

Non-Standard Analysis.Abraham Robinson - 1961 - North-Holland Publishing Co..
Value and Unacceptable Risk.Gustaf Arrhenius & Wlodek Rabinowicz - 2005 - Economics and Philosophy 21 (2):177-197.

Add more references

Citations of this work BETA

Probability in Ethics.David McCarthy - 2016 - In Alan Hájek & Christopher Hitchcock (eds.), The Oxford Handbook of Philosophy and Probability. Oxford University Press. pp. 705–737.
Continuity and Catastrophic Risk.H. Orri Stefánsson - forthcoming - Economics and Philosophy:1-9.

Add more citations

Similar books and articles

Value and Unacceptable Risk.Gustaf Arrhenius & Wlodek Rabinowicz - 2005 - Economics and Philosophy 21 (2):177-197.
Probability Theories in General and Quantum Theory in Particular.L. Hardy - 2003 - Studies in History and Philosophy of Science Part B: Studies in History and Philosophy of Modern Physics 34 (3):381-393.
On Power Set in Explicit Mathematics.Thomas Glass - 1996 - Journal of Symbolic Logic 61 (2):468-489.
Measurement Without Archimedean Axioms.Louis Narens - 1974 - Philosophy of Science 41 (4):374-393.
Strong Analogues of Martin's Axiom Imply Axiom R.Robert E. Beaudoin - 1987 - Journal of Symbolic Logic 52 (1):216-218.
On Generic Extensions Without the Axiom of Choice.G. P. Monro - 1983 - Journal of Symbolic Logic 48 (1):39-52.
The Isomorphism Property Versus the Special Model Axiom.Renling Jin - 1992 - Journal of Symbolic Logic 57 (3):975-987.
The Continuity of Consciousness.Oliver Rashbrook - 2013 - European Journal of Philosophy 21 (4):611-640.

Analytics

Added to PP index
2012-03-24

Total views
78 ( #137,308 of 2,448,310 )

Recent downloads (6 months)
3 ( #226,806 of 2,448,310 )

How can I increase my downloads?

Downloads

My notes