Synthese 198 (8):7553-7575 (2020)
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Abstract |
We study the representation of attitudes to risk in Jeffrey’s decision-theoretic framework suggested by Stefánsson and Bradley :602–625, 2015; Br J Philos Sci 70:77–102, 2017) and Bradley :231–248, 2016; Decisions theory with a human face, Cambridge University Press, Cambridge, 2017). We show that on this representation, the value of any prospect may be expressed as a sum of two components, the prospect’s instrumental value and the prospect’s intrinsic value. Both components have an expectational form. We also make a distinction between a prospect’s overall intrinsic value and a prospect’s conditional intrinsic value given each one of its possible outcomes and argue that this distinction has great explanatory power. We explore the relation between these two types of intrinsic values and show that they are determined at the level of preferences. Finally, we explore the relation between the intrinsic values of different prospects and point to a strong restriction on this relation that is implicit in Jeffrey’s axioms. We suggest a natural interpretation to this restriction.
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Keywords | Risk aversion Attitudes to risk Conditional desires Richard Jeffrey Richard Bradley Lotteries Prospects |
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DOI | 10.1007/s11229-020-02532-3 |
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References found in this work BETA
A Subjectivist’s Guide to Objective Chance.David K. Lewis - 1980 - In Richard C. Jeffrey (ed.), Studies in Inductive Logic and Probability, Volume II. Berkeley: University of California Press. pp. 263-293.
Theory of Games and Economic Behavior.John von Neumann & Oskar Morgenstern - 1944 - Science and Society 9 (4):366-369.
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Citations of this work BETA
Weighing and Aggregating Reasons Under Uncertainty: A Trilemma.Ittay Nissan-Rozen - 2020 - Philosophical Studies 178 (9):2853-2871.
Attitudes toward risk are complicated: experimental evidence for the re-individuation approach to risk-attitudes.Haim Cohen, Anat Maril, Sun Bleicher & Ittay Nissan-Rozen - forthcoming - Philosophical Studies:1-25.
We Should Not Use Randomization Procedures to Allocate Scarce Life-Saving Resources.Roberto Fumagalli - forthcoming - Public Health Ethics.
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