Philosophical Studies 174 (9):2369-2384 (2017)

Authors
Johanna Thoma
London School of Economics
Abstract
Risk-weighted expected utility theory is motivated by small-world problems like the Allais paradox, but it is a grand-world theory by nature. And, at the grand-world level, its ability to handle the Allais paradox is dubious. The REU model described in Risk and Rationality turns out to be risk-seeking rather than risk-averse on one natural way of formulating the Allais gambles in the grand-world context. This result illustrates a general problem with the case for REU theory, we argue. There is a tension between the small-world thinking marshaled against standard expected utility theory, and the grand-world thinking inherent to the risk-weighted alternative.
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DOI 10.1007/s11098-017-0916-3
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References found in this work BETA

The Foundations of Statistics.Leonard J. Savage - 1954 - Wiley Publications in Statistics.
Risk and Rationality.Lara Buchak - 2013 - Oxford University Press.
The Foundations of Statistics.Leonard J. Savage - 1956 - Philosophy of Science 23 (2):166-166.
Rationality and Dynamic Choice: Foundational Explorations.Edward Francis McClennen - 1990 - Cambridge, England: Cambridge University Press.

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Citations of this work BETA

Accurate Updating for the Risk Sensitive.Catrin Campbell-Moore & Bernhard Salow - 2020 - British Journal for the Philosophy of Science:axaa006.
Normative Decision Theory.Edward Elliott - 2019 - Analysis 79 (4):755-772.
No Escape From Allais: Reply to Buchak.Johanna Thoma & Jonathan Weisberg - 2020 - Philosophical Studies 177 (9):2493-2500.
Replies to Commentators.Lara Buchak - 2017 - Philosophical Studies 174 (9):2397-2414.

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