In 1991 Mark Nelson argued that if time is infinitely long towards the future, then under certain easily met conditions traditional utilitarianism is unable to discriminate among actions. For under these conditions, each action produces the same infinite amount of utility, and thus it seems that utilitarianism must judge all actions permissible, judge all actions impermissible, or remain completely silent. In response to this criticism of utilitarianism, I argued that utilitarianism had the resources for dealing with at least some (...) cases of infinite utility. More specifically, I defended the following principle as being part of the "spirit" of traditional (total) utilitarianism: -/- PMU*: An action a1 has better consequences than an action a2 if and only if there is a time t such that for any later time t' the cumulative amount of utility produced by a1 up to t' is greater than that produced by action a2 up to t'. -/- For the usual finite cases, this principle agrees exactly with the standard approach of comparing totals. For infinite cases, however, it can distinguish among two actions each of which produces an infinite amount of utility. It says, for example, that an action that produces 2 units of utility at each time has better consequences than an action that produces 1 unit of utility at each time -- even though they both produce the same infinite amount of utility. Of course, cases where one action produces more utility than a second at each time are going to be rather rare. PMU* is not limited to such cases, however; it also has bite in cases such as the following: -/- Time a1: 1, 1, 1, 1, 2, 2, 2, 2, 2, ... a2: 3, 3, 3, 3, 1, 1, 1, 1, 1, ... -/- For although the cumulative utility of a1 up to and including the fourth time is only 4 utiles and a2's is 12, a1 starts catching up after that, ties a2 in the 12th time, and stays ahead after that. Thus, PMU* judges a1 as having better consequences than a2. I claimed that PMU* better captured the "spirit" of traditional utilitarianism than the usual sum total view -- on the grounds that almost anyone inclined to defend traditional utilitarianism would, upon reflection, want to hold, for example, that 2 utiles at every time is indeed better than 1 utile at each time. Two responses to my view have since been given in this journal. Luc Van Liederkerke has argued that PMU* violates an anonymity (neutrality, impartiality) condition that is central to utilitarianism. And James Cain has argued that PMU* is not person-centered, and that being so is central to utilitarianism. Here I will reply to the criticisms. Basically, I will acknowledge that each is right about an important point, but deny that this establishes that the core idea underlying PMU* is less plausible than the standard sum-ranking versions of utilitarianism. (shrink)

Suppose we wish to decide which of a pair of actions has better consequences in a case in which both actions result in infinite utility. Peter Vallentyne and others have proposed that one action has better consequences than a second if there is a time after which the cumulative utility of the first action always outstrips the cumulative utility of the second. I argue against this principle, in particular I show how cases may arise in (...) which up to any point of time action a1 produces more utility than action a2, yet for each individual involved a2 produces more utility. (shrink)

Much behavioral welfare economics assumes that expected utility theory does not accurately describe most human choice under risk. A substantial literature instead evaluates welfare consequences by taking cumulative prospect theory as the natural default alternative, at least where description is concerned. We present evidence, based on a review of previous literature and new experimental data, that the most empirically adequate hypothesis about human choice under risk is that it is heterogeneous, and that where EUT does not apply, more (...) choice is characterized by rank-dependent utility models than by CPT. Most of the apparently loss-averse choice behavior results from probability weighting rather than from direct disutility experienced when an outcome is framed as a loss against an idiosyncratic reference point. We then consider implications of this finding for methodological debates about how to model welfare effects of policies, and argue that abandonment of a dogmatic belief in CPT as the correct theory of risk human choice exposes a conceptual error that is widespread in behavioral welfare economics. We provide concluding reflections on second-order, philosophical issues around the grounding of normative commitments in policy-focused economics. (shrink)

A detailed theoretical analysis is presented of what five utility representations – subjective expected utility (SEU), rank-dependent (cumulative or Choquet) utility (RDU), gains decomposition utility (GDU), rank weighted utility (RWU), and a configural-weight model (TAX) that we show to be equivalent to RWU – say about a series of independence properties, many of which were suggested by M. H. Birnbaum and his coauthors. The goal is to clarify what implications to draw about the descriptive (...) aspects of the representations from data concerning these properties. The upshot is a sharp rejection of SEU and RDU and no clear choice between GDU and TAX, but a list of 8 properties is given that should receive more attention to discriminate between the latter two models. (shrink)

Elicitation methods in decision-making under risk allow us to infer the utilities of outcomes as well as the probability weights from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes the inevitable distortion of preferences by random errors into account and minimizes the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the optimally efficient method for eliciting utilities and probability weights is the following three-stage procedure. First, (...) a probability is elicited whose subjective weight is one half. Second, the utility function is elicited through the midpoint chaining certainty equivalent method using the probability elicited at the first stage. Finally, the probability weighting function is elicited through the probability equivalent method. (shrink)

This manuscript reviews recent evidence supporting the utility of telomeres and mitochondrial DNA copy number (mtDNAcn) in detecting the biological impacts of adverse childhood experiences (ACEs) and outlines mechanisms that may mediate the connection between early stress and poor physical and mental health. Critical to interrupting the health sequelae of ACEs such as abuse, neglect, and neighborhood disorder, is the discovery of biomarkers of risk and resilience. The molecular markers of chronic stress exposure, telomere length and mtDNAcn, represent critical (...) biological links between ACEs and poor health outcomes. We examine how telomeres and mtDNAcn may exacerbate health disparities and contribute to the intergenerational transmission of trauma. Finally, we explore how these molecular markers of early stress exposure may help define the role of resilience and develop effective interventions to moderate ACE health risk impact. (shrink)

This paper merges the non-expected utility approach (Tversky and Kahneman, J Risk Uncertain 5:297–323, 1992 and Quiggin, J Econ Behav Organ 3:323–343, 1982) into Akerlof’s (Quart J Econ 84:488–500, 1970) model of Market for Lemons. We derive the results for different probability weighting functions and analyze the phenomenon of market failure in light of non-expected utility maximization. Our main finding suggests that when the proportion of traded lemons is high (low), the problem of market failure is mitigated (enhanced). (...) In addition, for the case of Cumulative Prospect Theory, we show that (a) the higher the loss aversion is, the more pronounced is the market failure; (b) gain-domain elevation is negatively related to the extent of market failure; and (c) the value function is (i) negatively monotonic in the gain-domain diminishing sensitivity parameter when the market is characterized by a high proportion of “peaches,” and (ii) positively monotonic in the loss-domain diminishing sensitivity parameter when the market is characterized by a high proportion of “lemons.”. (shrink)

Cumulative Prospect Theory is the modern version of Prospect Theory and it is nowadays considered a valid alternative to the classical Expected Utility Theory. Cumulative Prospect theory implies Gain-Loss Separability, i.e., the separate evaluation of losses and gains within a mixed gamble. Recently, some authors have questioned this assumption of the theory, proposing new paradoxes where the Gain-Loss Separability is violated. We present a generalization of Cumulative Prospect Theory which does not imply Gain-Loss Separability and is (...) able to explain the cited paradoxes. On the other hand, the new model, which we call the bipolar Cumulative Prospect Theory, genuinely generalizes the original Prospect Theory of Kahneman and Tversky, preserving the main features of the theory. We present also a characterization of the bipolar Choquet Integral with respect to a bi-capacity in a discrete setting. (shrink)

There are at least two plausible generalisations of subjective expected utility (SEU) theory: cumulative prospect theory (which relaxes the independence axiom) and Levi’s decision theory (which relaxes at least ordering). These theories call for a re-assessment of the minimal requirements of rational choice. Here, I consider how an analysis of sequential decision making contributes to this assessment. I criticise Hammond’s (Economica 44(176):337–350, 1977; Econ Philos 4:292–297, 1988a; Risk, decision and rationality, 1988b; Theory Decis 25:25–78, 1988c) ‘consequentialist’ argument for (...) the SEU preference axioms, but go on to formulate a related diachronic-Dutch-book-style’ argument that better achieves Hammond’s aims. Some deny the importance of Dutch-book sure losses, however, in which case, Seidenfeld’s (Econ Philos 4:267–290, 1988a) argument that distinguishes between theories that relax independence and those that relax ordering is relevant. I unravel Seidenfeld’s argument in light of the various criticisms of it and show that the crux of the argument is somewhat different and much more persuasive than what others have taken it to be; the critical issue is the modelling of future choices between ‘indifferent’ decision-tree branches in the sequential setting. Finally, I consider how Seidenfeld’s conclusions might nonetheless be resisted. (shrink)

It is widely held that the influence of risk on rational decisions is not entirely explained by the shape of an agent’s utility curve. Buchak (Erkenntnis, 2013, Risk and rationality, Oxford University Press, Oxford, in press) presents an axiomatic decision theory, risk-weighted expected utility theory (REU), in which decision weights are the agent’s subjective probabilities modified by his risk-function r. REU is briefly described, and the global applicability of r is discussed. Rabin’s (Econometrica 68:1281–1292, 2000) calibration theorem strongly (...) suggests that plausible levels of risk aversion cannot be fully explained by concave utility functions; this provides motivation for REU and other theories. But applied to the synchronic preferences of an individual agent, Rabin’s result is not as problematic as it may first appear. Theories that treat outcomes as gains and losses (e.g. prospect theory and cumulative prospect theory) account for risk sensitivity in a way not available to REU. Reference points that mark the difference between gains and losses are subject to framing, many instances of which cannot be regarded as rational. However, rational decision theory may recognize the difference between gains and losses, without endorsing all ways of fixing the point of reference. In any event, REU is a very interesting theory. (shrink)

Although we see much utility in Osiurak and Reynaud's in-depth discussion on the role of what they term technical reasoning in cumulative culture, we argue that they neglect the time and energy costs that individuals would have to face to acquire skills in the absence of specific socio-cognitive abilities.

This paper presents an axiomatic framework for the priority heuristic, a model of bounded rationality in Selten’s (in: Gigerenzer and Selten (eds.) Bounded rationality: the adaptive toolbox, 2001) spirit of using empirical evidence on heuristics. The priority heuristic predicts actual human choices between risky gambles well. It implies violations of expected utility theory such as common consequence effects, common ratio effects, the fourfold pattern of risk taking and the reflection effect. We present an axiomatization of a parameterized version of (...) the heuristic which generalizes the heuristic in order to account for individual differences and inconsistencies. The axiomatization uses semiorders (Luce, Econometrica 24:178–191, 1956), which have an intransitive indifference part and a transitive strict preference component. The axiomatization suggests new testable predictions of the priority heuristic and makes it easier for theorists to study the relation between heuristics and other axiomatic theories such as cumulative prospect theory. (shrink)

This study extends experimental tests of (cumulative) prospect theory (PT) over prospects with more than three outcomes and tests second-order stochastic dominance principles (Levy and Levy, Management Science 48:1334–1349, 2002; Baucells and Heukamp, Management Science 52:1409–1423, 2006). It considers choice behavior of people facing prospects of three different types: gain prospects (losing is not possible), loss prospects (gaining is not possible), and mixed prospects (both gaining and losing are possible). The data supports the distinction of risk behavior into these (...) three categories of prospects, Further, probability weighting and diminishing sensitivity of utility as predicted by PT are observed. Loss aversion is, however, less pronounced, except for choices where one prospect is degenerate. The data suggests that the probability of losing may be relevant for loss aversion. (shrink)

This paper presents a new decision theory for modelling choice under risk. The new theory is a two-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: behaves as if maximizing expected utility; but may experience disappointment when the utility of a lottery’s outcome falls short of the expected utility of the lottery; and may have a preference for gambling. The proposed theory can rationalize the fourfold pattern of risk attitudes; the common (...) ratio effect and the reverse thereof ; the Allais paradox in classical common consequence problems and the reverse Allais paradox—in common consequence problems with an even split of a probability mass; violations of the betweenness axiom; switching behavior in the Samuelson’s example; violations of ordinal, upper and lower cumulative independence ; and preference reversals between valuations and choice. In application to insurance, the theory can rationalize full insurance with an actuarially unfair premium and aversion to probabilistic insurance. In application to optimal portfolio investment, the theory can rationalize the equity premium puzzle. (shrink)

In this article, we show that behavioral features can be obtained at a group level even if they do not appear at the individual level. Starting from a standard model of Pareto optimal allocations, with expected utility maximizers but allowing for heterogeneity among individual beliefs, we show in particular that the representative agent has an inverse S-shaped probability distortion function as in Cumulative prospect theory.

In Rawls’ influential social contract approach to distributive justice, the fair income distribution is the one that an individual would choose behind a veil of ignorance. Harsanyi treated this situation as a decision under risk and arrived at utilitarianism using expected utility theory. This paper investigates the implications of applying cumulative prospect theory instead, which better describes behavior under risk. I find that the specific type of inequality in bottom-heavy right-skewed income distributions, which includes the log-normal income distribution, (...) could be perceived as desirable. This optimal inequality result contrasts the implications of other social welfare criteria. (shrink)

In comparing different risk elicitation methods under the assumptions of expected utility theory, previous studies have found significant differences in the elicited risk attitudes. This paper extends this line of research to consider cumulative prospect theory by comparing risk attitudes and probability weightings determined using two elicitation methods: the method by Tanaka et al. :557–571, 2010; TCN method) and the method by Wakker and Deneffe :1131–1150, 1996; WD method). We demonstrate that the two methods reveal significantly different mean (...) values for the measured risk attitudes. Participants are classified on average as moderately risk-averse using the TCN method, whereas the same individuals are classified as nearly risk-neutral using the WD method. Moreover, we find that on average, participants overweight low probabilities and underweight high probabilities to a greater extent with the WD method than with the TCN method. Therefore, the different elicitation methods, that both consider probability weighting, can lead to different measured values of risk attitude and probability weighting. (shrink)

This paper examines the practical utility of Albert Camus’ existentialist philosophy, especially in the context of the contemporary effort to improve the condition of human life and existence in Africa. The paper is a departure from prevailing mindset among some scholars and people of Africa that nothing good can be derived from Camus’ philosophy. In particular, the paper argues that the task of socio-political and economic transformation in today’s Africa has a lot to benefit from a critical and pragmatic (...) engagement with the existentialist philosophy of Camus. The paper maintains that the practical benefit of Camus’ existentialist philosophy appears most clearly in the value it assigns to revolt/resistance, and ideals of friendship, commitment, solidarity and brotherhood to solve the cumulative problems of life. The obvious lack of all this has exasperated the human condition in modern African states. (shrink)

Third generation prospect theory is a theory of choices and of judgments of highest buying and lowest selling prices of risky prospects, i.e., of willingness to pay and willingness to accept. The gap between WTP and WTA is sometimes called the “endowment effect” and was previously called the “point of view” effect. Third generation prospect theory combines cumulative prospect theory for risky prospects with the theory that judged values are based on the integration of price paid or price received (...) with the consequences of gambles. In TGPT, the discrepancy between WTP and WTA is due to loss aversion-losses have greater absolute utility than gains of the same value. TGPT was developed independently of similar developments by Birnbaum and Zimmermann :145–187, 1998) and Luce. This paper reviews theoretical and empirical findings, to show that TGPT fails as a descriptive model of both choices and judgments. Evidence refutes three implications of TGPT, but they are consistent with configural weight models in which loss aversion is not needed to describe the results. In the configural weight models, buyers place greater weight on lower consequences, attributes or estimates of value compared to sellers, who place greater configural weight on higher aspects of an object or prospect. (shrink)

Increasing evidence indicates that extracellular vesicles (EVs) secreted from tumor cells play a key role in the overall progression of the disease state. EVs such as exosomes are secreted by a wide variety of cells and transport a varied population of proteins, lipids, DNA, and RNA species within the body. Gliomas constitute a significant proportion of all primary brain tumors and majority of brain malignancies. Glioblastoma multiforme (GBM) represents grade IV glioma and is associated with very poor prognosis despite the (...) cumulative advances in diagnostic procedures and treatment strategies. Here, the authors describe the progress in understanding the role of EVs, especially exosomes, in overall glioma progression, and how new research is unraveling the utilities of exosomes in glioma diagnostics and development of next‐generation therapeutic systems. Finally, based on an understanding of the latest scientific literature, a model for the possible working of therapeutic exosomes in glioma treatment is proposed. (shrink)

RésuméSelon un pragmatiste, la réflexion du philosophe porte sur le lien entre la construction et la description des objets mathématiques. Grâce à sa conception?un raisonnement dit ≫theorematique≪, Peirce a réussi à etablir ľesquisse?une interprétation pragmatique?une structure mathématique. Cette dernière reste néanmoins vague quant à la catégoricité de la structure. – lci, il est utile de recourir à Gonseth et & dcar;analyser sa reconstruction?un système axiomatique: la genèse logique?une structure selon les principes de ľidonéisme correspond en effet au programme de Peirce, (...) à savoir àľexplication de la signification?un concept àľaide?une séquence cumulative? interprétants.SummaryAccording to a pragmatist, philosophical thought bears on the link between the construction and the description of mathematical objects. Thanks to his development of ≫theorematic reasoning)), Peirce succeeded in bringing forward a pragmatic interpretation of a mathematical structure, exhibiting however an inherent vagueness with regard to the categoricalness of the structure. ‐ In this matter, Gonseth's model of reconstruction of an axiomatic system can be resorted to: the logical genesis of a structure considered in his ≫ldoneism≪ corresponds to Peirce's program of explaining the meaning of a concept by means of a cumulative sequence of interpretants. (shrink)

Background:The management of challenging behaviours in inpatient with intellectual disability and/or autism spectrum disorders can lead to an escalation of control measures. In these complex situations where patients have an intellectual disability/autism spectrum disorder accompanied by a psychiatric comorbidity, the experiences of caregivers related to the crisis management have rarely been studied.Purpose:This study examined the moral experiences of caregivers related to challenging behaviours’ management and alternatives to control measures.Research design:Using Charles Taylor’s hermeneutic framework, a 2-month focused ethnography with a participatory (...) approach was used.Participants and research context:Sixteen caregivers were interviewed in a Canadian mental health setting for adults with intellectual disability/autism spectrum disorder and psychiatric comorbidity.Ethical considerations:The research was conducted in compliance with the Declaration of Helsinki and local Research Ethics Board approval. Written informed consent was collected systematically from participants.Findings:By accounting for caregivers’ moral experiences, this study sheds light on a neglected dimension of the care relationship: the vulnerability of the caregiver. We highlight the main barriers and facilitators to alternatives to control measures. First, a caregiver’s vulnerability was characterised by the overall impact of challenging behaviours and the moral distress associated with the use of control measures and exclusion mechanisms of intellectual disability/autism spectrum disorder patients. Second, a strong ambiguity between care and control measures and a lack of inclusive approaches were identified as the two main barriers to challenging behaviour management. Third, the involvement, both professional and personal, of caregivers was deemed necessary to implement alternatives to control measures.Discussion:A conflict of values opposes two conceptions of autonomy: a rational autonomy, which is counterproductive to the reduction of control measures, versus a relational autonomy based on shared vulnerability.Conclusion:The recognition of caregiver’s vulnerability is a benchmark to create alternative approaches, which defuse the logic of control and promote an ethics of care within which caregivers’ self-concern can be understood as fostering mutual respect. (shrink)

The classical theory of preference among monetary bets represents people as expected utility maximizers with concave utility functions. Critics of this account often rely on assumptions about preferences over wide ranges of total wealth. We derive a prediction of the theory that bears on bets at any fixed level of wealth, and test the prediction behaviorally. Our results are discrepant with the classical account. Competing theories are also examined in light of our data.

“Futility” is a word which means the absence of benefit. It has been used to describe an absence of utility in resuscitation endeavours but it fails to do this. Futility does not consider the harms of resuscitation and we should consider the balance of benefit and harm that results from our resuscitation endeavours. If a resuscitation is futile then any harm that ensues will bring about an unfavourable benefit/harm balance. However, even if the endeavour is not futile, by any (...) definition, the benefit/harm balance may still be unfavourable if the harms that ensue are great.It is unlikely that we will ever achieve a consensus definition of futility and certainly not one that is applicable to every patient undergoing resuscitation. In the meantime our use of the term “futile”, in the mistaken belief that it tells us whether it is worth resuscitating or not, has no utility as it will never succeed in telling us this. Furthermore we risk causing offence by use of the term and we risk harming the patient's autonomy by using futility as an overriding force. Instead we should consider the utility of our endeavours, for which an assessment of the harms of resuscitation should be added to our considerations of its benefit. This balance of benefit and harm should then be evaluated as best it can be from the patient's perspective. The words futile and futility should be abandoned by resuscitationists. (shrink)

The lesson to be learned from the paradoxical St. Petersburg game and Pascal’s Mugging is that there are situations where expected utility maximizers will needlessly end up poor and on death’s door, and hence we should not be expected utility maximizers. Instead, when it comes to decision-making, for possibilities that have very small probabilities of occurring, we should discount those probabilities down to zero, regardless of the utilities associated with those possibilities.

Cumulative cultural evolution is often claimed to be distinctive of human culture. Such claims are typically supported with examples of complex and historically late-appearing technologies. Yet by taking these as paradigm cases, researchers unhelpfully lump together different ways that culture accumulates. This article has two aims: (a) to distinguish four types of cultural accumulation: adaptiveness, complexity, efficiency, and disparity and (b) to highlight the epistemic implications of taking complex hominin technologies as paradigmatic instances of cumulative culture. Addressing these (...) issues both clarifies the cumulative culture concept and demonstrates the importance of further cumulative culture research into non-human animals and ancestral hominins. (shrink)

One guide to an argument's significance is the number and variety of refutations it attracts. By this measure, the Dutch book argument has considerable importance.2 Of course this measure alone is not a sure guide to locating arguments deserving of our attention—if a decisive refutation has really been given, we are better off pursuing other topics. But the presence of many and varied counterarguments at least suggests that either the refutations are controversial, or that their target admits of more than (...) one interpretation, or both. The main point of this paper is to focus on a way of understanding the Dutch Book argument (DBA) that avoids many of the well-known criticisms, and to consider how it fares against an important criticism that still remains: the objection that the DBA presupposes value-independence of bets. (shrink)

The sociogenomics revolution is upon us, we are told. Whether revolutionary or not, sociogenomics is poised to flourish given the ease of incorporating polygenic scores (or PGSs) as “genetic propensities” for complex traits into social science research. Pointing to evidence of ubiquitous heritability and the accessibility of genetic data, scholars have argued that social scientists not only have an opportunity but a duty to add PGSs to social science research. Social science research that ignores genetics is, some proponents argue, at (...) best partial and likely scientifically flawed, misleading, and wasteful. Here, I challenge arguments about the value of genetics for social science and with it the claimed necessity of incorporating PGSs into social science models as measures of genetic influences. In so doing, I discuss the impracticability of distinguishing genetic influences from environmental influences because of non-causal gene–environment correlations, especially population stratification, familial confounding, and downward causation. I explain how environmental effects masquerade as genetic influences in PGSs, which undermines their raison d’être as measures of genetic propensity, especially for complex socially contingent behaviors that are the subject of sociogenomics. Additionally, I draw attention to the partial, unknown biology, while highlighting the persistence of an implicit, unavoidable reductionist genes versus environments approach. Leaving sociopolitical and ethical concerns aside, I argue that the potential scientific rewards of adding PGSs to social science are few and greatly overstated and the scientific costs, which include obscuring structural disadvantages and cultural influences, outweigh these meager benefits for most social science applications. (shrink)

State-dependent utility is a problem for the behavioural branch of decision theory under uncertainty. It questions the very possibility that beliefs be revealed by choice data. According to the current literature, all models of beliefs are equally exposed to the problem. Moreover, the problem is solvable only when the decision-maker can influence the resolution of uncertainty. This article gives grounds to reject these two views. The various models of beliefs can be shown to be unequally exposed to the problem (...) of state-dependent utility. The problem can be argued to be solved even when the decision-maker has no influence over the resolution of uncertainty. The implications of such reappraisal for a philosophical appreciation of the revealed preference methodology are discussed. (shrink)

According to the ideal of tolerance, the state is supposed to be neutral or evenhanded in its dealings with religious sects and doctrines. The tolerant state does not pursue policies aimed at favoring one sect over another.

The systems Kα of transfinite cumulative types up to α are extended to systems K∞α that include a natural infinitary inference rule, the so-called limit rule. For countable α a semantic completeness theorem for K∞α is proved by the method of reduction trees, and it is shown that every model of K∞α is equivalent to a cumulative hierarchy of sets. This is used to show that several axiomatic first-order set theories can be interpreted in K∞α, for suitable α.

Recent studies have suggested that while both adults and children hold past-future hedonic preferences – preferring painful experiences to be in the past and pleasurable experiences to lie in the future – these preferences are abandoned when the quantity of pain or pleasure under consideration is greater in the past than in the future. We examined whether such preferences might be affected by the utility people assign to experiential memories, since the recollection of events can itself be pleasurable or (...) aversive, and we examined the developmental trajectory of the value that people assign to experiential memories of past painful experiences. Using a task in which we manipulated hypothetical memory loss in a series of brief vignettes, we found that for some adults, but not for children, the disutility attached to the recollection of painful past events outweighed the disutility of living through future painful events. Between middle childhood and adulthood, experiential memory appears to assume a more important role in determining the value that people assign to past experiences and in mitigating bias toward the future. (shrink)

A simple argument suggests that we can fruitfully model advanced AI systems using expected utility theory. According to this argument, an agent will need to act as if maximising expected utility if they’re to avoid exploitation. Insofar as we should expect advanced AI to avoid exploitation, it follows that we should expected advanced AI to act as if maximising expected utility. I spell out this argument more carefully and demonstrate that it fails, but show that the manner (...) of its failure is instructive: in exploring the argument, we gain insight into how to model advanced AI systems. (shrink)

Sixteen years ago, Prahalad and Hart introduced the possibility of both profitably serving the poor and alleviating poverty. This first iteration of the Bottom/Base of the Pyramid approach focused on selling to the poor. In 2008, after ethical criticisms leveled at it, the field moved to BoP 2.0, instead emphasizing business co-venturing. Since 2015, we have witnessed some calls for a new iteration, with the focus broadening to a more sustainable development approach to poverty alleviation. In this paper, we seek (...) to answer the question: How has the BoP approach evolved over the past 16 years, and has it delivered on its early promise? We conducted a systematic review of 276 papers published in journals in this period, utilizing a rigorous correspondence analysis method to map key trends, and then further examined the 22 empirical studies conducted on the BoP approach. Our results suggest that the field has evolved, passing through a number of trends and coming full circle—with our analysis pointing to more recent BoP literature emphasizing similar themes to those espoused in the initial BoP iteration, rather than reflecting the principles espoused in either BoP 2.0 or BoP 3.0. Our analysis also points to a lack of clear evidence that the BoP concept has delivered on its promise either to businesses or to BoP participants. (shrink)

In recent decades, neoclassical economists have made heroic efforts to accommodate within the confines of the concept of rational utility maximization the fact that individual behavior is significantly affected by moral considerations. This article argues the merits of using an alternative approach: recognizing that individuals pursue at least two irreducible sources of value or “utility”, pleasure and morality. The possibility that some additional utilities may have to be recognized is explored. This raises the concern that conceptual anarchy will (...) break out, which in turn will force a search for a common denominator, and thus a return to one overarching utility. Arguments are presented to show that this concern is unfounded. The main focus of the article is a criticism of the monoutility conception and a brief for separating the sense of discharging one's moral obligations from all other satisfactions. The article first deals with general conceptual points, and then cites both everyday observations and empirical evidence in support of this position. (shrink)

Poor working conditions remain a serious problem in supplier facilities in developing countries. While previous research has explored this from the developed buyers’ side, we examine this phenomenon from the perspective of developing countries’ suppliers and subcontractors. Utilizing qualitative data from a major knitwear exporting cluster in India and a stakeholder management lens, we develop a framework that shows how the assumptions of conventional, buyer-driven voluntary governance break down in the dilution of buyer power and in the web of factors (...) rooted in suppliers’ traditions, beliefs, local demands and resource dependency. We reveal out how success in governing collaborative global supply chains often falls short within the subcontracting stage, where a stakeholder management mindset is elusive to most participants. We suggest that success in governing collaborative global supply chains is dependent on concepts of stakeholder utility and the presence of shared value that is often at odds with the realities of power, information asymmetry and compliance/reward systems inherent in the non-market coordination of global supply chains. Our findings offer important insights for delineating the concepts of value creation from CSR concepts and practices, and for modifying the basic assumptions of conventional supply chain governance. (shrink)

Through a radical new reading of the Theological Political Treatise, Dimitris Vardoulakis argues that the major source of Spinoza’s materialism is the Epicurean tradition that re-emerges in modernity when manuscripts by Epicurus and Lucretius are rediscovered. This reconsideration of Spinoza’s political project, set within a historical context, lays the ground for an alternative genealogy of materialism. Central to this new reading of Spinoza are the theory of practical judgment (understood as the calculation of utility) and its implications for a (...) theory of democracy that is resolutely positioned against authority. (shrink)