Synthese 198 (8):7553-7575 (2020)

Authors
Ittay Nissan-Rozen
Hebrew University of Jerusalem
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.
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

The Logic of Decision.Richard C. Jeffrey - 1965 - New York, NY, USA: University of Chicago Press.
Risk and Rationality.Lara Buchak - 2013 - Oxford University Press.
Decision Theory with a Human Face.Richard Bradley - 2017 - Cambridge University Press.
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.

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