:This paper explores the contrast between mentalistic and behaviouristic interpretations of decision theory. The former regards credences and utilities as psychologically real, while the latter regards them as mere representations of an agent's preferences. Philosophers typically adopt the former interpretation, economists the latter. It is argued that the mentalistic interpretation is preferable if our aim is to use decision theory for descriptive purposes, but if our aim is normative then the behaviouristic interpretation cannot be dispensed with.

Whether I take some action that aims at desired consequence C depends on whether or not I take it to be true that if I so act, I will bring C about and that if I do not, I will fail to. And the action will succeed if and only if my beliefs are true. We argue that two theses follow: (I) To believe a conditional is to be disposed to infer its consequent from the truth of its antecedent, and (...) (II) The conditional is true iff the inference would not make a true belief in the antecedent cause a false belief in the consequent. (shrink)