Journal for the Theory of Social Behaviour 41 (2):209-227 (2011)
AbstractMost decisions in life involve ambiguity, where probabilities can not be meaningfully specified, as much as they involve probabilistic uncertainty. In such conditions, the aspiration to utility maximization may be self-deceptive. We propose “robust satisficing” as an alternative to utility maximizing as the normative standard for rational decision making in such circumstances. Instead of seeking to maximize the expected value, or utility, of a decision outcome, robust satisficing aims to maximize the robustness to uncertainty of a satisfactory outcome. That is, robust satisficing asks, “what is a ‘good enough’ outcome,” and then seeks the option that will produce such an outcome under the widest set of circumstances. We explore the conditions under which robust satisficing is a more appropriate norm for decision making than utility maximizing.
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References found in this work
An Essay Concerning Human Understanding.John Locke - 1689 - London, England: Oxford University Press.
A Perspective on Judgment and Choice: Mapping Bounded Rationality.Daniel Kahneman - 2003 - American Psychologist 58 (9):697.
Rational Choice and the Structure of the Environment.Herbert A. Simon - 1956 - Psychological Review 63 (2):129-138.
Citations of this work
For an Integrative Theory of Social Behaviour: Theorising with and Beyond Rational Choice Theory.Tibor Rutar - 2019 - Journal for the Theory of Social Behaviour 49 (3):298-311.
Tough Enough? Robust Satisficing as a Decision Norm for Long-Term Policy Analysis.Andreas L. Mogensen & David Thorstad - 2022 - Synthese 200 (1):1-26.
Egan and Agents: How Evidential Decision Theory Can Deal with Egan’s Dilemma.Daniel Dohrn - 2015 - Synthese 192 (6):1883-1908.
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