Mind 120 (479):819-832 (2011)

Authors
Jan Sprenger
University of Turin
Remco Heesen
University of Western Australia
Abstract
The rational price of the Pasadena and Altadena games, introduced by Nover and Hájek (2004 ), has been the subject of considerable discussion. Easwaran (2008 ) has suggested that weak expectations — the value to which the average payoffs converge in probability — can give the rational price of such games. We argue against the normative force of weak expectations in the standard framework. Furthermore, we propose to replace this framework by a bounded utility perspective: this shift renders the problem more realistic and accounts for the role of weak expectations. In particular, we demonstrate that in a bounded utility framework, all agents, even if they have different value functions and disagree on the price of an individual game, will finally agree on the rational price of a repeated, averaged game. Thus, we explain the intuitive appeal of weak expectations, while avoiding both trivialization of the original paradox and the drawbacks of previous approaches.
Keywords Decision theory  Expected utility theory  Pasadena game  Bounded utility
Categories (categorize this paper)
DOI 10.1093/mind/fzr060
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: 64,077
Through your library

References found in this work BETA

Vexing Expectations.Harris Nover & Alan Hájek - 2004 - Mind 113 (450):237-249.
Relative Expectation Theory.Mark Colyvan - 2008 - Journal of Philosophy 105 (1):37-44.
Strong and Weak Expectations.Kenny Easwaran - 2008 - Mind 117 (467):633-641.
No Expectations.Mark Colyvan - 2006 - Mind 115 (459):695-702.

View all 7 references / Add more references

Citations of this work BETA

Making Do Without Expectations.Paul F. A. Bartha - 2016 - Mind 125 (499):799-827.
Infinite Prospects.Jeffrey Sanford Russell & Yoaav Isaacs - 2021 - Philosophy and Phenomenological Research 103 (1):178-198.

View all 7 citations / Add more citations

Similar books and articles

Analytics

Added to PP index
2011-12-29

Total views
56 ( #191,968 of 2,454,555 )

Recent downloads (6 months)
1 ( #449,188 of 2,454,555 )

How can I increase my downloads?

Downloads

My notes