Results for ' money pump'

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  1. Money-Pump Arguments.Johan E. Gustafsson - 2022 - Cambridge: Cambridge University Press.
    Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to (...)
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  2.  90
    A Simpler, More Compelling Money Pump with Foresight.Johan E. Gustafsson & Wlodek Rabinowicz - 2020 - Journal of Philosophy 117 (10):578-589.
    One might think that money pumps directed at agents with cyclic preferences can be avoided by foresight. This view was challenged two decades ago by the discovery of a money pump with foresight, which works against agents who use backward induction. But backward induction implausibly assumes that the agent would act rationally and retain her trust in her future rationality even at choice nodes that could only be reached if she were to act irrationally. This worry does (...)
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  3. Money Pumps, Diachronic and Synchronic.Yair Levy - 2014 - Journal of Ethics and Social Philosophy:XX.
    The Money Pump argument is designed to demonstrate the irrational flaw of having cyclic preferences, by showing how the irrational agent is vulnerable to exploitation. The argument faces some longstanding objections, which point out how one may avoid the threat of exploitation without resolving the associated irrationality. Recently a new, synchronic version of Money Pump has been put forward which promises to undercut those standard objections. However, I argue that the synchronic Money Pump cannot (...)
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  4.  38
    Money Pumps and Diachronic Books.Isaac Levi - 2002 - Philosophy of Science 69 (S3):S235-S247.
    The idea that rational agents should have acyclic preferences and should obey conditionalization has been defended on the grounds that otherwise an agent is threatened with becoming a “money pump.” This essay argues that such arguments fail to prove their claims.
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  5. The Money Pump Is Necessarily Diachronic.Adrian M. S. Piper - 2014 - Adrian Piper Research Archive Foundation Berlin/Philosophy.
    In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to (...)
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  6. The Pragmatic Stance.Whither Dutch Books & Money Pumps - 2002 - Croatian Journal of Philosophy 2 (4-6):319.
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  7. A Deluxe Money Pump.Tom Dougherty - 2014 - Thought: A Journal of Philosophy 3 (1):21-29.
    So-called money pump arguments aim to show that intransitive preferences are irrational because they will lead someone to accept a series of deals that leaves his/her financially worse off and better off in no respect. A common response to these arguments is the foresight response, which counters that the agent in question may see the exploitation coming, and refuse to trade at all. To obviate this response, I offer a “deluxe money pump argument” that applies dominance (...)
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  8. Money pumps and diachronic books.Isaac Levi - 2002 - Proceedings of the Philosophy of Science Association 2002 (3):S235-S247.
    The idea that rational agents should have acyclic preferences and should obey conditionalization has been defended on the grounds that otherwise an agent is threatened with becoming a “money pump.” This essay argues that such arguments fail to prove their claims.
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  9.  67
    Money pump with foresight.Wlodek Rabinowicz - 2000 - In Value and Choice : Some Common Themes in Decision Theory and Moral Philosophy. pp. 201-234.
    I describe in section 1 how cyclical preferences can arise. In section 2, I relate preference to judgments of choiceworthiness and distinguish between two kinds of preference cycles, vicious and benign. In section 3, I run through the standard money pump in order to show, in section 4, how this pump can be stopped by foresight, using backward induction. A new money pump that *cannot* be stopped by foresight is presented in section 5. This (...) works even for agents with benign cyclical preferences. What makes it work is persistency on the part of the would-be exploiter. In section 6, I compare this pump to a diachronic Dutch book that can be set up against someone whose probability assignments violate Reflection. Even in this case, the book only works if the bookie is assumed to be persistent. I use this comparison between preference cyclicity and violations of Reflection in order to question whether exploitability must be seen as a proof of irrationality. Finally, in section 7, I consider resolute choice as an alternative to the backward-induction procedure. While a resolute chooser cannot be exploited, I argue that resoluteness is not required by rationality. The argument is based on a suggestion that rationality, when it comes to actions, is a local rather than a global requirement. (shrink)
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  10.  23
    Money pump with foresight.Wlodek Rabinowicz - 2000 - In Michael J. Almeida (ed.), Imperceptible Harms and Benefits. pp. 123-154.
    I describe in section 1 how cyclical preferences can arise. In section 2, I relate preference to judgments of choiceworthiness and distinguish between two kinds of preference cycles, vicious and benign. In section 3, I run through the standard money pump in order to show, in section 4, how this pump can be stopped by foresight, using backward induction. A new money pump that *cannot* be stopped by foresight is presented in section 5. This (...) works even for agents with benign cyclical preferences. What makes it work is persistency on the part of the would-be exploiter. In section 6, I compare this pump to a diachronic Dutch book that can be set up against someone whose probability assignments violate Reflection. Even in this case, the book only works if the bookie is assumed to be persistent. I use this comparison between preference cyclicity and violations of Reflection in order to question whether exploitability must be seen as a proof of irrationality. Finally, in section 7, I consider resolute choice as an alternative to the backward-induction procedure. While a resolute chooser cannot be exploited, I argue that resoluteness is not required by rationality. The argument is based on a suggestion that rationality, when it comes to actions, is a local rather than a global requirement. (shrink)
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  11.  3
    Money-Pumps.Sven Ove Hansson - 2012 - In Sven Ove Hansson & Vincent F. Hendricks (eds.), Introduction to Formal Philosophy. Cham: Springer. pp. 567-576.
    A money-pump is a thought experiment involving a person whose preferences form a circle. Repeatedly, she pays some money to go from one alternative to another that she likes better. When she has paid her way around the full circle she is back at the starting-point, but with less money. Money-pumps have been used to show that certain preference patterns are irrational since they make a person exploitable. Formal tools can be used to analyze (...)-pumps in a precise manner, distinguish between different types of money-pumps, and investigate decision strategies to avoid their pernicious effects. Although money-pumps are rather contrived constructions, these investigations have practical relevance since there seem to be decision situations in the real world with the same structure. (shrink)
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  12. A Money-Pump for Acyclic Intransitive Preferences.Johan E. Gustafsson - 2010 - Dialectica 64 (2):251-257.
    The standard argument for the claim that rational preferences are transitive is the pragmatic money-pump argument. However, a money-pump only exploits agents with cyclic strict preferences. In order to pump agents who violate transitivity but without a cycle of strict preferences, one needs to somehow induce such a cycle. Methods for inducing cycles of strict preferences from non-cyclic violations of transitivity have been proposed in the literature, based either on offering the agent small monetary transaction (...)
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  13.  58
    Money pumps.Jordan Howard Sobel - 2001 - Philosophy of Science 68 (2):242-257.
    After maintaining in that certain cyclical preferences can be reasonable, the following questions were tabled: “in what circumstances and under what assumptions … these … preferences of George's would turn him into a ”money pump,” and in what circumstances and under what assumptions they would not do that.” Two pumps afford answers. George, who is sufficiently reasonable and well-informed to use backward induction, has, for this reason, nothing to fear from the first pump, but the second, of (...)
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  14. Cashing out the money-pump argument.Chrisoula Andreou - 2016 - Philosophical Studies (6):1-5.
    The money-pump argument figures as the staple argument in support of the view that cyclic preferences are irrational. According to a prominent way of understanding the argument, it is grounded in the assumption that it is irrational to make choices that lead one to a dispreferred alternative. My aim in this paper is to motivate diffidence with respect to understanding the money-pump argument in this way by suggesting that if it is so understood, the argument emerges (...)
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  15.  94
    Money Pumps, Incompleteness, and Indeterminacy.Johan E. Gustafsson - 2016 - Philosophy and Phenomenological Research 92 (1):60-72.
    In an alleged counter-example to the completeness of rational preferences, a career as a clarinettist is compared with a career in law. It seems reasonable to neither want to judge that the law career is at least as preferred as the clarinet career nor want to judge that the clarinet career is at least as preferred as the law career. The two standard interpretations of examples of this kind are, first, that the examples show that preferences are rationally permitted to (...)
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  16. Levi on money pumps and diachronic dutch books.Wlodek Rabinowicz - 2006 - In Erik J. Olsson (ed.), Knowledge and Inquiry: Essays on the Pragmatism of Isaac Levi. Cambridge University Press.
    The paper's focus is on pragmatic arguments for various ‘rationality constraints’ on a decision maker’s state of mind: on his beliefs or preferences. An argument of this kind purports to show that a violator of a given constraint can be exposed to a decision problem in which he will act to his guaranteed disadvantage. Dramatically put, he can be exploited by a clever bookie who doesn’t know more than the agent himself. Examples of pragmatic arguments of this kind are synchronic (...)
     
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  17.  48
    Money-pumps, self-torturers and the demons of real life.Sven Ove Hansson - 1993 - Australasian Journal of Philosophy 71 (4):476 – 485.
  18.  33
    Probability discounting and money pumps.Petra Kosonen - forthcoming - Philosophy and Phenomenological Research.
    In response to cases that involve tiny probabilities of huge payoffs, some argue that we ought to discount small probabilities down to zero. However, this paper shows that doing so violates Independence and Continuity, and as a result of these violations, those who discount small probabilities can be exploited by money pumps. Various possible ways of avoiding exploitation will be discussed. This paper concludes that the money pump for Independence undermines the plausibility of discounting small probabilities. Much (...)
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  19. The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity.Johan E. Gustafsson - 2013 - Journal of Philosophy 110 (8):460–464.
    The money-pump argument is the standard argument for the acyclicity of rational preferences. The argument purports to show that agents with cyclic preferences are in some possible situations forced to act against their preference. In the usual, diachronic version of the money-pump argument, such agents accept a series of trades that leaves them worse off than before. Two stock objections are (i) that one may get the drift and refuse the trades and (ii) that one may (...)
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  20. Money pumps in the market.Ariel Rubinstein - manuscript
    Agents who employ non-rational choice procedures are often vulnerable to exploitation, in the sense that a profit-seeking trader can offer them a harmful transaction which they will nevertheless accept. We examine the vulnerability of a procedure for deciding whether to buy a lottery: observe another agent who already bought it and buy the lottery if that agent’s experience was positive. We show that the exploitation of such agents can be embedded in an inter-temporal market mechanism, in the form of speculative (...)
     
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  21. Money Pumps, Synchronic and Diachronic.Yair Levy - 2014 - Journal of Ethics and Social Philosophy 8 (2):1-7.
  22. Dutch bookies and money pumps.Frederic Schick - 1986 - Journal of Philosophy 83 (2):112-119.
  23.  20
    Dutch Bookies and Money Pumps.Frederic Schick - 1986 - Journal of Philosophy 83 (2):112-119.
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  24.  38
    Levi on Money Pumps and Diachronic Dutch-Book Arguments.Rabinowicz Wlodek - 2006 - In Erik J. Olsson (ed.), Knowledge and Inquiry: Essays on the Pragmatism of Isaac Levi. Cambridge University Press. pp. 289--312.
    My focus is on pragmatic arguments for various ‘rationality constraints’ on a decision maker’s state of mind: on his beliefs or preferences. An argument of this kind purports to show that a violator of a given constraint can be exposed to a decision problem in which he will act to his guaranteed disadvantage. Dramatically put, he can be exploited by a clever bookie who doesn’t know more than the agent himself. Examples of pragmatic arguments of this kind are synchronic Dutch (...)
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  25.  45
    Prospectism and the weak money pump argument.Martin Peterson - 2015 - Theory and Decision 78 (3):451-456.
    Hare proposes a view he calls prospectism for making choices in situations in which preferences have a common, but problematic structure. I show that prospectism permits the decision-maker to make a series of choices she knows in advance will lead to a sure loss. I also argue that a theory that permits the decision-maker to make choices she knows in advance will lead to a sure loss should be rejected.
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  26.  17
    The Problem of Reindividuation and Money-Pump Arguments: Analysis of Mamou’s Solution.Nenad Filipović - forthcoming - Topoi:1-10.
    In this article, I examine the consequences of Mamou’s recent solution to the so-called problem of reindividuation. The problem is first proposed by John Broome as an argument against the Humean view of rationality and subjective decision theory. Essentially, Broome argues that the reindividuation of outcomes must be constrained in some way if the axioms of rationality are not to be vacuous, but the constraints on individuation cannot be consistent with the Humean view of rationality. Mamou offers an elegant Humean (...)
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  27. Dutch-Books and Money Pumps.E. F. McClennen & P. Found - forthcoming - Theory and Decision.
  28. Clumps and Pumps: Clumpiness, Resolution and Rational Choice.Asbjørn Steglich-Petersen - 2012 - Utilitas 24 (1):118-125.
    It is widely held that the possibility of value-incomparability between alternatives poses a serious threat to comparativism. Some comparativists have proposed to avoid this problem by supplementing the three traditional value relations with a fourth value relation, variously identified as "roughly equal" or "on a par", which is supposed to hold between alternatives that are incomparable by the three traditional value relations. However, in a recent article in this journal, Nien-he Hsieh has proposed that the comparisons thought to require rough (...)
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    Is economics credible? A critical appraisal of three examples from microeconomics.Seán M. Muller - 2023 - Journal of Economic Methodology 30 (2):157-175.
    Whether economics warrants public trust depends on the extent to which assertions by economists can be deemed credible. Three examples from microeconomics are examined to assess how the discipline performs in this regard. First, a purely theoretical argument with broad conceptual implications: a quasi-evolutionary argument for rational choice based on the notion of money pumps. Second, a modelling-related claim with significant social implications: economists’ objection to minimum wages based on a simple supply-demand model. Third, methodological choices with implications for (...)
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  30. Seeming incomparability and rational choice.Leo Yan - 2022 - Politics, Philosophy and Economics 21 (4):347-371.
    Politics, Philosophy & Economics, Volume 21, Issue 4, Page 347-371, November 2022. We sometimes have to choose between options that are seemingly incomparable insofar as they seem to be neither better than, worse than, nor equal to each other. This often happens when the available options are quite different from one another. For instance, consider a choice between prioritizing either criminal justice reform or healthcare reform as a public policy goal. Even after the relevant details of the goals and possible (...)
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  31. A centipede for intransitive preferrers.Wlodek Rabinowicz - 2000 - Studia Logica 67 (2):167-178.
    In the standard money pump, an agent with cyclical preferences can avoid exploitation if he shows foresight and solves his sequential decision problem using backward induction (BI). This way out is foreclosed in a modified money pump, which has been presented in Rabinowicz (2000). There, BI will lead the agent to behave in a self-defeating way. The present paper describes another sequential decision problem of this kind, the Centipede for an Intransitive Preferrer, which in some respects (...)
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  32. Satan, Saint Peter and Saint Petersburg: Decision theory and discontinuity at infinity.Paul Bartha, John Barker & Alan Hájek - 2014 - Synthese 191 (4):629-660.
    We examine a distinctive kind of problem for decision theory, involving what we call discontinuity at infinity. Roughly, it arises when an infinite sequence of choices, each apparently sanctioned by plausible principles, converges to a ‘limit choice’ whose utility is much lower than the limit approached by the utilities of the choices in the sequence. We give examples of this phenomenon, focusing on Arntzenius et al.’s Satan’s apple, and give a general characterization of it. In these examples, repeated dominance reasoning (...)
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  33. Intransitive Preferences, Vagueness, and the Structure of Procrastination.Duncan MacIntosh - 2010 - In Chrisoula Andreou & Mark D. White (eds.), The Thief of Time. Oxford University Press.
    Chrisoula Andreou says procrastination qua imprudent delay is modeled by Warren Quinn’s self-torturer, who supposedly has intransitive preferences that rank each indulgence in something that delays his global goals over working toward those goals and who finds it vague where best to stop indulging. His pair-wise choices to indulge result in his failing the goals, which he then regrets. This chapter argues, contra the money-pump argument, that it is not irrational to have or choose from intransitive preferences; so (...)
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  34.  15
    A centipede for intransitive preferrers.Wlodek Rabinowicz - 2000 - In Value and Choice Some Common Themes in Decision Theory and Moral Philosophy.
    In the standard money pump, an agent with cyclical preferences can avoid exploitation if he shows foresight and solves his sequential decision problem using backward induction. This way out is foreclosed in a modified money pump, which has been presented in Rabinowicz. There, BI will lead the agent to behave in a self-defeating way. The present paper describes another sequential decision problem of this kind, the Centipede for an Intransitive Preferrer, which in some respects is even (...)
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  35. Tiny Probabilities of Vast Value.Petra Kosonen - 2022 - Dissertation, Oxford University
    The topic of this thesis is how we should treat tiny probabilities of vast value. This thesis consists of six independent papers. Chapter 1 discusses the idea that utilities are bounded. It shows that bounded decision theories prescribe prospects that are better for no one and worse for some if combined with an additive axiology. Chapter 2, in turn, points out that standard axiomatizations of Expected Utility Theory violate dominance in cases that involve possible states of zero probability. Chapters 3–6 (...)
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  36.  61
    Axiomatic rationality and ecological rationality.Gerd Gigerenzer - 2019 - Synthese 198 (4):3547-3564.
    Axiomatic rationality is defined in terms of conformity to abstract axioms. Savage limited axiomatic rationality to small worlds, that is, situations in which the exhaustive and mutually exclusive set of future states S and their consequences C are known. Others have interpreted axiomatic rationality as a categorical norm for how human beings should reason, arguing in addition that violations would lead to real costs such as money pumps. Yet a review of the literature shows little evidence that violations are (...)
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  37. Opaque Sweetening and Transitivity.Ryan Doody - 2019 - Australasian Journal of Philosophy 97 (3):559-571.
    I argue that any plausible decision theory for agents with incomplete preferences which obeys the Never Worse Principle will violate Transitivity. The Never Worse Principle says that if one option never does worse than another, you shouldn’t disprefer it. Transitivity says that if you prefer X to Y and you prefer Y to Z, then you should prefer X to Z. Violating Transitivity allows one to be money pumped. Although agents with incomplete preferences are already, in virtue of having (...)
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  38. In Defence of My Favourite Theory.Johan E. Gustafsson & Olle Torpman - 2014 - Pacific Philosophical Quarterly 95 (2):159-174.
    One of the principles on how to act under moral uncertainty, My Favourite Theory, says roughly that a morally conscientious agent chooses an option that is permitted by the most credible moral theory. In defence of this principle, we argue that it prescribes consistent choices over time, without relying on intertheoretic comparisons of value, while its main rivals are either plagued by moral analogues of money pumps or in need of a method for making non-arbitrary intertheoretic comparisons. We rebut (...)
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  39.  87
    Pragmatic Considerations on Comparative Probability.Thomas F. Icard - 2016 - Philosophy of Science 83 (3):348-370.
    While pragmatic arguments for numerical probability axioms have received much attention, justifications for axioms of qualitative probability have been less discussed. We offer an argument for the requirement that an agent’s qualitative judgments be probabilistically representable, inspired by, but importantly different from, the Money Pump argument for transitivity of preference and Dutch book arguments for quantitative coherence. The argument is supported by a theorem, to the effect that a subject is systematically susceptible to dominance given her preferred acts, (...)
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  40. Exploiting Cyclic Preference.Arif Ahmed - 2017 - Mind 126 (504):975-1022.
    Probably many people have cyclic preferences: they prefer A to B, B to C and C to A for some objects of choice A, B and C. Recent work has resurrected the objection to cyclic preference that agents possessing them are open to exploitation by means of ‘money pumps’. The paper briefly reviews this work and proposes a general approach to problems of sequential choice that makes cyclic preference immune to exploitation by means of these new mechanisms.
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  41. Parity, clumpiness and rational choice.Martin Peterson - 2007 - Utilitas 19 (4):505-513.
    Some philosophers believe that two objects of value can be ‘roughly equal’, or ‘on a par’, or belong to the same ‘clump’ of value in a sense that is fundamentally different from that in which some objects are ‘better than’, ‘worse than’, or ‘equally as good as’ others. This article shows that if two objects are on a par, or belong to the same clump, then an agent accepting a few plausible premises can be exploited in a money-pump. (...)
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  42.  29
    Non-transitive Better than Relations and Rational Choice.Anders Herlitz - 2020 - Philosophia 48 (1):179-189.
    This paper argues that decision problems and money-pump arguments should not be a deciding factor against accepting non-transitive better than relations. If the reasons to accept normative standpoints that entail a non-transitive better than relation are compelling enough, we ought to revise our decision method rather than the normative standpoints. The paper introduces the most common argument in favor of non-transitive better than relations. It then illustrates that there are different ways to reconceptualize rational choice so that rational (...)
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  43.  12
    Incommensurability and consistency.Walter Bossert - forthcoming - Philosophical Studies:1-17.
    Public-policy choices frequently have to be carried out in the presence of incommensurabilities. These incommensurabilities may manifest themselves in the form of incompleteness—that is, some of the options under consideration are not comparable by a decision maker. As a consequence, it may be impossible to select policies that are at least as good as all competing proposals. When faced with incommensurabilities of this nature, transitivity can be considered too demanding a requirement. An attractive weakening of transitivity consists of a property (...)
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    Safeguards of a Disunified Mind.Wlodek Rabinowicz - 2014 - Inquiry: An Interdisciplinary Journal of Philosophy 57 (3):356-383.
    The papers focuses on pragmatic arguments for various rationality constraints on a decision maker’s state of mind: on her beliefs or preferences. An argument of this kind typically targets constraint violations. It purports to show that a violator of a given constraint can be confronted with a decision problem in which she will act to her guaranteed disadvantage. Dramatically put, she can be exploited by a clever bookie who doesn’t know more than the agent herself. Examples of pragmatic arguments of (...)
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    The Pragmatic Stance.John Cantwell - 2002 - Croatian Journal of Philosophy 2 (3):319-336.
    The view that decision methods can only be justified by appeal to pragmatic considerations is defended. Pragmatic considerations are viewed as providing the underlying subject matter (“semantics”) of decision theories. It is argued that other approaches (e.g. justifying principles by appeal to obviousness, common usage, etc.) fail to provide grounds for a normative decision theory.It is argued that preferences that can lead to pragmatically adverse outcomes in a relevantly similar possible decision situation are pragmatically unsound, even if the decision situation (...)
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  46.  28
    The Pragmatic Stance.John Cantwell - 2002 - Croatian Journal of Philosophy 2 (3):319-336.
    The view that decision methods can only be justified by appeal to pragmatic considerations is defended. Pragmatic considerations are viewed as providing the underlying subject matter (“semantics”) of decision theories. It is argued that other approaches (e.g. justifying principles by appeal to obviousness, common usage, etc.) fail to provide grounds for a normative decision theory.It is argued that preferences that can lead to pragmatically adverse outcomes in a relevantly similar possible decision situation are pragmatically unsound, even if the decision situation (...)
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  47.  25
    Pragmatic arguments for rationality constraints.Wlodek Rabinowicz - 2008 - In Maria Carla Galavotti, Roberto Scazzieri & Patrick Suppes (eds.), Reasoning, Rationality and Probability. pp. 139-163.
    My focus is on pragmatic arguments for various rationality constraints on a decision maker’s state of mind: on his beliefs or preferences. An argument of this kind purports to show that a violator of a given constraint can be exposed to a decision problem in which she will act to her guaranteed disadvantage. Dramatically put, she can be exploited by a clever bookie who doesn’t know more than the agent himself. Examples of pragmatic arguments of this kind are synchronic Dutch (...)
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  48.  9
    Pragmatic arguments for rationality constraints.Wlodek Rabinowicz - 2008 - In Maria Carla Galavotti, Roberto Scazzieri & Patrick Suppes (eds.), Reasoning, Rationality and Probability. pp. 139-163.
    My focus is on pragmatic arguments for various rationality constraints on a decision maker’s state of mind: on his beliefs or preferences. An argument of this kind purports to show that a violator of a given constraint can be exposed to a decision problem in which she will act to her guaranteed disadvantage. Dramatically put, she can be exploited by a clever bookie who doesn’t know more than the agent himself. Examples of pragmatic arguments of this kind are synchronic Dutch (...)
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  49.  24
    Ensemble prospectism.Kim Kaivanto - 2017 - Theory and Decision 83 (4):535-546.
    Incomplete preferences displaying ‘mildly sweetened’ structure are common, yet theoretically problematic. This paper examines the properties of the rankings induced by the set of all coherent completions of the mildly sweetened partial preference structure. Building on these properties, I propose an ensemble-based refinement of Hare’s prospectism criterion for rational choice when preferences are incomplete. Importantly, this ensemble-based refinement is immune to Peterson’s weak money pump argument. Hence, ensemble prospectism ensures outcome rationality. Furthermore, by recognizing the structural isomorphism between (...)
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  50.  48
    On market Maker functions.Robin Hanson - unknown
    Since market scoring rules have become popular as a form of market maker, it seems worth reviewing just what such mechanisms are intended to do. The main function performed by most market makers is to serve as an intermediary between people who prefer to trade at different times. Traders who have the same favorite times to trade can show up together to an ordinary continuous double auction, and then make and accept offers to trade. But when traders have different favorite (...)
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