We provide a critical assessment of the ambiguity aversion literature, which we characterize in terms of the view that Ellsberg choices are rational responses to ambiguity, to be explained by relaxing Savage's Sure-Thing principle and adding an ambiguity-aversion postulate. First, admitting Ellsberg choices as rational leads to behaviour, such as sensitivity to irrelevant sunk cost, or aversion to information, which most economists would consider absurd or irrational. Second, we argue that the mathematical objects referred to as “beliefs” in the ambiguity (...) aversion literature have little to do with how an economist or game theorist understands and uses the concept. This is because of the lack of a useful notion of updating. Third, the anomaly of the Ellsberg choices can be explained simply and without tampering with the foundations of choice theory. These choices can arise when decision makers form heuristics that serve them well in real-life situations where odds are manipulable, and misapply them to experimental settings. (shrink)

Knowledge and its Limits presents a systematic new conception of knowledge as a kind of mental stage sensitive to the knower's environment. It makes a major contribution to the debate between externalist and internalist philosophies of mind, and breaks radically with the epistemological tradition of analyzing knowledge in terms of true belief. The theory casts new light on such philosophical problems as scepticism, evidence, probability and assertion, realism and anti-realism, and the limits of what can be known. The arguments are (...) illustrated by rigorous models based on epistemic logic and probability theory. The result is a new way of doing epistemology and a notable contribution to the philosophy of mind. (shrink)

This scarce antiquarian book is a facsimile reprint of the original. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions that are true to the original work.

Role of the entrepreneur in a distinct role of profit.

Orthodox Bayesian decision theory requires an agent’s beliefs representable by a real-valued function, ideally a probability function. Many theorists have argued this is too restrictive; it can be perfectly reasonable to have indeterminate degrees of belief. So doxastic states are ideally representable by a set of probability functions. One consequence of this is that the expected value of a gamble will be imprecise. This paper looks at the attempts to extend Bayesian decision theory to deal with such cases, and concludes (...) that all proposals advanced thus far have been incoherent. A more modest, but coherent, alternative is proposed. Keywords: Imprecise probabilities, Arrow’s theorem. (shrink)

Many have claimed that unspecific evidence sometimes demands unsharp, indeterminate, imprecise, vague, or interval-valued probabilities. Against this, a variant of the diachronic Dutch Book argument shows that perfectly rational agents always have perfectly sharp probabilities.

In slogan form, the thesis of this dissertation is that shaping the far future is overwhelmingly important. More precisely, I argue that: Main Thesis: From a global perspective, what matters most is that we do what is best for the general trajectory along which our descendants develop over the coming millions, billions, and trillions of years. The first chapter introduces some key concepts, clarifies the main thesis, and outlines what follows in later chapters. Some of the key concepts include: existential (...) risk, the world's development trajectory, proximate benefits and ripple effects, speeding up development, trajectory changes, and the distinction between broad and targeted attempts to shape the far future. The second chapter is a defense of some methodological assumptions for developing normative theories which makes my thesis more plausible. In the third chapter, I introduce and begin to defend some key empirical and normative assumptions which, if true, strongly support my main thesis. In the fourth and fifth chapters, I argue against two of the strongest objections to my arguments. These objections come from population ethics, and are based on Person-Affecting Views and views according to which additional lives have diminishing marginal value. I argue that these views face extreme difficulties and cannot plausibly be used to rebut my arguments. In the sixth and seventh chapters, I discuss a decision-theoretic paradox which is relevant to my arguments. The simplest plausible theoretical assumptions which support my main thesis imply a view I call fanaticism, according to which any non-zero probability of an infinitely good outcome, no matter how small, is better than any probability of a finitely good outcome. I argue that denying fanaticism is inconsistent with other normative principles that seem very obvious, so that we are faced with a paradox. I have no solution to the paradox; I instead argue that we should continue to use our inconsistent principles, but we should use them tastefully. We should do this because, currently, we know of no consistent set of principles which does better. (shrink)

v. 1-2. Text -- v. 3. Critical introduction and notes.

The cofounder of the Effective Altruism movement presents a counterintuitive approach anyone can use to make a difference in the world. While studying philosophy at Oxford University and trying to work out how he could have the greatest impact, William MacAskill discovered that most of the time and money aimed at making the world a better place achieves little. Why? Because individuals rarely have enough information to make the best choices. Confronting this problem head-on, MacAskill developed the concept of effective (...) altruism, a scientific, data-driven approach to making a difference that operates by asking these five questions: How much will this action improve others' lives? Is this the most effective action I can take? How useful is my contribution, given what others are already doing? What will happen if I don't do it? What are the chances of success, and how good would success be? Applying these principles, he demonstrates that many of our assumptions about doing good are misguided: he argues that one can potentially save more lives by working on Wall Street than as a heart surgeon, that cancer charities are not the best use of money, and that buying sweatshop-produced goods is a form of ethical consumption. MacAskill challenges us to think differently but argues that if we set aside our biases and rely on evidence and careful reasoning, each of us can make a tremendous difference. (shrink)

When making decisions, people naturally face uncertainty about the potential consequences of their actions due in part to limits in their capacity to represent, evaluate or deliberate. Nonetheless, they aim to make the best decisions possible. In Decision Theory with a Human Face, Richard Bradley develops new theories of agency and rational decision-making, offering guidance on how 'real' agents who are aware of their bounds should represent the uncertainty they face, how they should revise their opinions as a result of (...) experience and how they should make decisions when lacking full awareness of, or precise opinions on relevant contingencies. He engages with the strengths and flaws of Bayesian reasoning, and presents clear and comprehensive explorations of key issues in decision theory, from belief and desire to semantics and learning. His book draws on philosophy, economics, decision science and psychology, and will appeal to readers in all of these disciplines. (shrink)

Since its appearance over a decade ago, Timothy Williamson's anti-luminosity argument has come under sustained attack. Defenders of the luminous overwhelmingly object to the argument's use of a certain margin-for-error premise. Williamson himself claims that the premise follows easily from a safety condition on knowledge together with his description of the thought experiment. But luminists argue that this is not so: the margin-for-error premise either requires an implausible interpretation of the safety requirement on knowledge, or it requires other equally implausible (...) assumptions. In this paper I bolster the margin-for-error premise against these attacks by recasting Williamson's own two-part defence, the first part intended to work on the assumption that there is no constitutive connection between the phenomenal and the doxastic, and the second intended to work without this assumption. Pace various luminists, I argue that the appeals to safety needed for Williamson's two-part defence are plausible. I also argue that all that is needed to generate the margin-for-error premise from these safety conditions is an empirical assumption about the kinds of creatures we are: that is, creatures whose beliefs are structured by certain dispositions. By recasting the anti-luminosity argument in this way, we can understand what is really at stake in the debate about luminosity: that is, whether we are luminous. (shrink)

From the ethicist the_ New Yorker_ calls “the most influential living philosopher,” a new way of thinking about living ethically.

A defense of imprecise credences (and other imprecise doxastic attitudes).

In a recent, thought-provoking paper Adam Elga argues against unsharp – e.g., indeterminate, fuzzy and unreliable – probabilities. Rationality demands sharpness, he contends, and this means that decision theories like Levi's, Gärdenfors and Sahlin's, and Kyburg's, though they employ different decision rules, face a common, and serious, problem. This article defends the rule to maximize minimum expected utility against Elga's objection.

One of the perennial challenges of ethical theory has been to provide an answer to a number of views that appear to undermine the importance of ethical questions. We may refer to such views collectively as “deflationary ethical theories.” These include theories, such as nihilism, according to which no action is better than any other, as well as relativistic theories according to which no ethical theory is better than any other. In this article I present a new response to such (...) deflationary ethical views. Drawing a distinction between acceptance and rejection, on the one hand, and belief and disbelief, on the other, I argue that we have strong reason to reject these theories, even if we do not have reason to disbelieve them. In Section I, I clarify the question of what ethical theory we should accept, and I argue for the central importance of this question. In Section II, I discuss what I call “absolutely deflationary” ethical theories. These are theories according to which it matters not at all what we do or not at all what ethical theory we accept. I argue that it is generally rational to reject any theory of this kind. In Section III, I discuss what I call “relatively deflationary” ethical theories. These are theories according to which it matters little what we do or what ethical theory we accept. I argue that we have strong pro tanto reason to reject theories of this kind. And then, in Sections IV and V, I reply to some common objections to my arguments. Throughout, I will be arguing not that deflationary ethical theories are false but only that we should reject them from the practical point of view as a basis for guiding our actions. (shrink)

Effective altruists recommend that we give large sums to charity, but by far their more central message is that we give effectively, i.e., to whatever charities would do the most good per dollar donated. In this paper, I’ll assume that it’s not wrong not to give bigger, but will explore to what extent it may well nonetheless be wrong not to give better. The main claim I’ll argue for here is that in many cases it would be wrong of you (...) to give a sum of money to charities that do less good than others you could have given to instead, even if it would not have been wrong of you not to give the money to any charity at all. I assume that all the charities under discussion here do positive good overall, do not cause harm, do not infringe rights, etc. What makes my main claim here particularly interesting is that it is inconsistent with what appears to be a fairly common assumption in the ethics of giving, according to which if it is not wrong of you to keep some sum of money for yourself, then it is likewise not wrong of you to donate it to any particular charity you choose. Roughly: if it’s up to you whether to donate the money, it’s also up to you where to donate the money. I challenge this common assumption. (shrink)

James Lenman argues that consequentialism fails as a moral theory because it is impossible to predict the long-term consequences of our actions. I agree that it is impossible to predict the long-term consequences of actions, but argue that this does not count as a strike against consequentialism. I focus on the principle of indifference, which tells us to treat unforeseeable consequences as cancelling each other out, and hence value-neutral. I argue that though we cannot defend this principle independently, we cannot (...) do without it in practical rationality. Thus abandoning the principle of indifference would involve abandoning all of rationality, not just consequentialist reasoning. I suggest that we should understand the principle as P. F. Strawson understands inductive reasoning – as being part of rationality. Correspondence:c1 [email protected]. (shrink)

In “Rejecting Ethical Deflationism,” Jacob Ross argues that a rational decision maker is permitted, for the purposes of practical reasoning, to assume that nihilism is false. I argue that Ross’s argument fails because the principle he relies on conflicts with more plausible principles of rationality and leads to preference cycles. I then show how the infectiousness of nihilism, and of incomparability more generally, poses a serious problem for the larger project of attempting to incorporate moral uncertainty into expected value maximization (...) style reasoning. (shrink)

In this paper I propose an approach to decision theory that I call metanormativism, where the key idea is that decision theory should take into account decision-theoretic uncertainty. I don’t attempt to argue in favor of this view, though I briefly offer some motivation for it. Instead, I argue that if the view is correct, it has important implications for the causal versus evidential decision-theory debate. First, it allows us to make rational sense of our seemingly divergent intuitions across the (...) Smoking Lesion and The Psychopath Button cases. Second, it generates strong new arguments for preferring the causal approach to decision-theory over the evidential approach. (shrink)

It is natural to think of precise probabilities as being special cases of imprecise probabilities, the special case being when one’s lower and upper probabilities are equal. I argue, however, that it is better to think of the two models as representing two different aspects of our credences, which are often vague to some degree. I show that by combining the two models into one model, and understanding that model as a model of vague credence, a natural interpretation arises that (...) suggests a hypothesis concerning how we can improve the accuracy of aggregate credences. I present empirical results in support of this hypothesis. I also discuss how this modeling interpretation of imprecise probabilities bears upon a philosophical objection that has been raised against them, the so-called inductive learning problem. (shrink)

I defend the 'Repugnant' Conclusion that for any possible population of happy people, a population containing a sufficient number of people with lives barely worth living would be better. Four lines of argument converge on this conclusion, and the conclusion has a simple, natural theoretical explanation. The opposition to the Repugnant Conclusion rests on a bare appeal to intuition. This intuition is open to charges of being influenced by multiple distorting factors. Several theories of population ethics have been devised to (...) avoid the Repugnant Conclusion, but each generates even more counterintuitive consequences. The intuition opposing the Repugnant Conclusion is thus among the best candidates for an intuition that should be revised. (shrink)

There are many cases in which, by making some great sacrifice, you could bring about either a good outcome or a very good outcome. In some of these cases, it seems wrong for you to bring about the good outcome, since you could bring about the very good outcome with no additional sacrifice. It also seems permissible for you not to make the sacrifice, and bring about neither outcome. But together, these claims seem to imply that you ought to bring (...) about neither outcome rather than the good outcome. And that seems very counterintuitive. In this paper, I develop this problem, propose a solution, and then draw out some implications both for how we should understand supererogation and for how we should approach charitable giving. (shrink)

Decisions, whether moral or prudential, should be guided at least in part by considerations of the consequences that would result from the various available actions. For any given action, however, the majority of its consequences are unpredictable at the time of decision. Many have worried that this leaves us, in some important sense, clueless. In this paper, I distinguish between ‘simple’ and ‘complex’ possible sources of cluelessness. In terms of this taxonomy, the majority of the existing literature on cluelessness focusses (...) on the simple sources. I argue, contra James Lenman in particular, that these would-be sources of cluelessness are unproblematic, on the grounds that indifference-based reasoning is far less problematic than Lenman (along with many others) supposes. However, there does seem to be a genuine phenomenon of cluelessness associated with the ‘complex’ sources; here, indifference-based reasoning is inapplicable by anyone’s lights. This ‘complex problem of cluelessness’ is vivid and pressing, in particular, in the context of Effective Altruism. This motivates a more thorough examination of the precise nature of cluelessness, and the precise source of the associated phenomenology of discomfort in forced-choice situations. The latter parts of the paper make some initial explorations in those directions. (shrink)

This paper deals with the truth-Conditions and the logic for vague languages. The use of supervaluations and of classical logic is defended; and other approaches are criticized. The truth-Conditions are extended to a language that contains a definitely-Operator and that is subject to higher order vagueness.

Lenman's ‘argument from cluelessness’ against consequentialism is that a significant percentage of the consequences of our actions are wholly unknowable, so that when it comes to assessing the moral quality of our actions, we are without a clue. I distinguish the argument from cluelessness from traditional epistemic objections to consequentialism. The argument from cluelessness should be no more problematic for consequentialism than the argument from epistemological scepticism should be for metaphysical realism. This puts those who would reject consequentialism on the (...) ground of cluelessness in an awkward philosophical position. (shrink)

“Perhaps the most common objection to consequentialism is this: it is impossible to know the future…This means that you will never be absolutely certain as to what all the consequences of your act will be…there may be long term bad effects from your act, side effects that were unforeseen and indeed unforeseeable…So how can we tell which act will lead to the best results overall – counting all the results? This seems to mean that consequentialism will be unusable as a (...) moral guide to action. All the evidence available at the time of acting may have pointed to the conclusion that a given act was the right act to perform – and yet it may still turn out that what you did had horrible results, and so in fact was morally wrong. Indeed, if will never be possible to say for sure that any given act was right or wrong, since any event can continue to have further unseen effects down through history. Yet if it is impossible to tell whether any act is morally right or wrong, how can consequentialism possibly be a correct moral theory?”. (shrink)

In an influential paper, James Lenman argues that consequentialism can provide no basis for ethical guidance, because we are irredeemably ignorant of most of the consequences of our actions. If our ignorance of distant consequences is great, he says, we can have little reason to recommend one action over another on consequentialist grounds. In this article, I show that for reasons to do with statistical theory, the cluelessness objection is too pessimistic. We have good reason to believe that certain patterns (...) of action will tend to have better consequences, and we have good reason to recommend acting in accordance with strategies based on those advantageous patterns. I close by saying something about the strategies that this argument should lead us to favour. (shrink)

This paper considers a puzzling conflict between two positions that are each compelling: it is irrational for an agent to pay to avoid `free' evidence before making a decision, and rational agents may have imprecise beliefs and/or desires. Indeed, we show that Good's theorem concerning the invariable choice-worthiness of free evidence does not generalise to the imprecise realm, given the plausible existing decision theories for handling imprecision. A key ingredient in the analysis, and a potential source of controversy, is the (...) general approach taken for resolving sequential decision problems { we make explicit what the key alternatives are and defend our own approach. Furthermore, we endorse a resolution of the aforementioned puzzle { we privilege decision theories that merely permit avoiding free evidence over decision theories for which avoiding free evidence is uniquely admissible. Finally, we situate this particular result about free evidence within the broader `dynamic-coherence' literature. (shrink)

With very advanced technology, a very large population of people living happy lives could be sustained in the accessible region of the universe. For every year that development of such technologies and colonization of the universe is delayed, there is therefore a corresponding opportunity cost: a potential good, lives worth living, is not being realized. Given some plausible assumptions, this cost is extremely large. However, the lesson for standard utilitarians is not that we ought to maximize the pace of technological (...) development, but rather that we ought to maximize its safety, i.e. the probability that colonization will eventually occur. This goal has such high utility that standard utilitarians ought to focus all their efforts on it. Utilitarians of a ‘person-affecting’ stripe should accept a modified version of this conclusion. Some mixed ethical views, which combine utilitarian considerations with other criteria, will also be committed to a similar bottom line. (shrink)

A search is under way for a theory that can accommodate our intuitions in population axiology. The object of this search has proved elusive. This is not surprising since, as we shall see, any welfarist axiology that satisfies three reasonable conditions implies at least one of three counter-intuitive conclusions. I shall start by pointing out the failures in three recent attempts to construct an acceptable population axiology. I shall then present an impossibility theorem and conclude with a short discussion of (...) how it might be extended to pluralist axiologies, that is, axiologies that take more values than welfare into account. (shrink)

Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.

Decision theory aims at a general account of rationality covering humans but to begin makes idealizations about decision problems and agents' resources and circumstances. It treats inerrant agents with unlimited cognitive power facing tractable decision problems. This book systematically rolls back idealizations and without loss of precision treats errant agents with limited cognitive abilities facing decision problems without a stable top option. It recommends choices that maximize utility using quantizations of beliefs and desires in cases where probabilities and utilities are (...) indeterminate and using higher-order utility analysis in cases of limited access to probabilities and utilities. For agents burdened with mistakes, it advocates reasonable attempts to correct unacceptable mistakes before deciding. In decision problems without a stable top option, a topic of game theory, it proposes maximizing self-conditional utility among self-supporting options. In games of strategy, the new principles lead to solutions that are Pareto optimal among equilibria composed of jointly self-supporting strategies. Offering an account of bounded rationality, the bookmakes large strides toward realism in decision theory. (shrink)

Most expressions in natural language are vague. But what is the best semantic treatment of terms like 'heap', 'red' and 'child'? And what is the logic of arguments involving this kind of vague expression? These questions are receiving increasing philosophical attention, and in this book, first published in 2000, Rosanna Keefe explores the questions of what we should want from an account of vagueness and how we should assess rival theories. Her discussion ranges widely and comprehensively over the main theories (...) of vagueness and their supporting arguments, and she offers a powerful and original defence of a form of supervaluationism, a theory that requires almost no deviation from standard logic yet can accommodate the lack of sharp boundaries to vague predicates and deal with the paradoxes of vagueness in a methodologically satisfying way. Her study will be of particular interest to readers in philosophy of language and of mind, philosophical logic, epistemology and metaphysics. (shrink)