This major work challenges some widely held positions in epistemology - those of Peirce and Popper on the one hand and those of Quine and Kuhn on the other.

Personalistic Bayesian decision theory provides a simple, roomy framework for hypothesis-testing and choice under uncertainty. Call the theory Bayesianism, for short. It’s the line that L. J. Savage made respectable among statisticians and economists. It’s the same thing as the expected utility hypothesis, in this form: preference does or should go by personal probabilistic expectation of utility. The question of whether to say “does” or “should” is the question of whether the theory is meant to be normative or descriptive.

In The Enterprise of Knowledge, I proposed a general theory of rational choice which I intended as a characterization of a prescriptive theory of ideal rationality. A cardinal tenet of this theory is that assessments of expected value or expected utility in the Bayesian sense may not be representable by a numerical indicator or indeed induce an ordering of feasible options in a context of deliberation. My reasons for taking this position are related to my commitment to the inquiry-oriented approach (...) to human knowledge and valuation favored by the American pragmatists, Charles Peirce and John Dewey. A feature of any acceptable view of inquiry ought to be that during an inquiry points under dispute ought to be kept in suspense pending resolution through inquiry. (shrink)

Decision theory and the theory of rational choice have recently been the subjects of considerable research by philosophers and economists. However, no adequate anthology exists which can be used to introduce students to the field. This volume is designed to meet that need. The essays included are organized into five parts covering the foundations of decision theory, the conceptualization of probability and utility, pholosophical difficulties with the rules of rationality and with the assessment of probability, and causal decision theory. The (...) editors provide an extensive introduction to the field and introductions to each part. (shrink)

Classic analysis of the subject and the development of personal probability; one of the greatest controversies in modern statistcal thought.

It is a commonplace that in making decisions agents often have to juggle competing values, and that no choice will maximise satisfaction of them all. However, the prevailing account of these cases assumes that there is always a single ranking of the agent's values, and therefore no unresolvable conflict between them. Isaac Levi denies this assumption, arguing that agents often must choose without having balanced their different values and that to be rational, an act does not have to be optimal, (...) only what Levi terms 'admissible'. This book explores the consequences of denying the assumption and develops a general approach to decision-making under unresolved conflict. Professor Levi discusses conflicts of value in several domains - those arising in moral dilemmas, the drawing of scientific inferences, decisions taken under uncertainty, and in social choice. In each of these he adapts his theoretical framework, showing how conflict may often be reduced though not always altogether eliminated. (shrink)