In this paper I draw from Martin Heidegger’s phenomenology of the 1920s to outline some basic features of his theory of intentionality that I believe have not been fully appreciated or utilized, and that allow for both novel and fruitful interventions in questions about meaning, the relationship between mind and the world, and epistemic justification, principally as they appear in John McDowell’s synoptic project in Mind and World. I argue that while elements of McDowell’s picture are ultimately unsatisfying and problematic, (...) much of his conceptual framework can and should be put into dialogue with Heidegger’s, and that in so doing we make available powerful resources for amending the McDowellian account. Moreover, these emendations have attractive implications for his distinctive desiderata. In particular, they provide original conceptions of normativity’s place in nature, of the boundaries of the space of reasons, and of the relationship between the answerability of thought both to the world and to human beings as a rational community. (shrink)

There exists a considerable body of work on epistemic logics for resource-bounded reasoners. In this paper, we concentrate on a less studied aspect of resource-bounded reasoning, namely, on the ascription of beliefs and inference rules by the agents to each other. We present a formal model of a system of bounded reasoners which reason about each other’s beliefs, and investigate the problem of belief ascription in a resource-bounded setting. We show that for agents whose computational (...) class='Hi'>resources and memory are bounded, correct ascription of beliefs cannot be guaranteed, even in the limit. We propose a solution to the problem of correct belief ascription for feasible agents which involves ascribing reasoning strategies , or preferences on formulas, to other agents, and show that if a resource-bounded agent knows the reasoning strategy of another agent, then its ascription of beliefs to the other agent is correct in the limit. (shrink)

What is the role of attention in the dialectics of memory and communication? How far is attention functioning as a medium? Which role does attention play in the information management practices? Attention is not only fundamental to human existence but also to the process of understanding. If understanding is mediated by memory and communication then attention can be identified with the medium. So whenever you search to explain the role and mechanisms of memory in the information society, the question of (...) attention is asked immediately. Furthermore, attention can be analyzed under the following topics: as cognitive process, as subjective, intersubjective and cultural phenomenon, and as resource and medium within an 'Attention Economy'. Whereas the first aspect has to be seen in the context of empirical studies in psychology and cognitive sciences, the phenomenological, cultural, and economic aspects seem to have common points and similar implications in their theoretical approaches. In the last twenty years, the notion of attention has been the central core of several discourses in German phenomenology, economy and cultural studies. Similar to Georg Franck's theory of mental capitalism, the idea of an attention economy also was followed up in the American discourse. This article is supposed to explore the role of attention and its function as a medium within communication, cultural memory and science. (shrink)

In this paper we introduce a new type of nets with bounded types of distributed resources . Linear Logic to describe the behaviour of BR-nets is defined. It is based on Girard's Linear Logic but captures not only consumption of resources but their presence as well. Theorem of soundness and completeness of the proposed axiomatization is proved and the complexity of the provability problem is established for the general case and some particular ones.

When information grows abundant, attention becomes a scarce resource. As a result, agents must plan wisely how to allocate their attention in order to achieve epistemic efficiency. Here, we present a framework for multi-agent epistemic planning with attention, based on Dynamic Epistemic Logic. We identify the framework as a fragment of standard DEL, and consider its plan existence problem. While it is undecidable in the general case, we show that when attention is required for learning, all instances of the problem (...) are decidable. (shrink)

Resource Bounded Agents Resource bounded agents are persons who have information processing limitations. All persons and other cognitive agents who have bodies are such that their sensory transducers have limited resolution and discriminatory ability; their information processing speed and power is bounded by some threshold; and their memory and … Continue reading Resource Bounded Agents →.

The AGM paradigm for belief revision provides a very elegant and powerful framework for reasoning about idealized agents. The paradigm assumes that the modeled agent is a perfect reasoner with infinite memory. In this paper we propose a framework to reason about non-ideal agents that generalizes the AGM paradigm. We first introduce a structure to represent an agent's belief states that distinguishes different status of beliefs according to whether or not they are explicitly represented, whether they are currently active and (...) whether they are fully accepted or provisional. Then we define a set of basic operations that change the status of beliefs and show how these operations can be used to model agents with different capacities. We also show how different operations of belief change described in the literature can be seen as special cases of our theory. (shrink)

This paper presents statistical default logic, an expansion of classical (i.e., Reiter) default logic that allows us to model common inference patterns found in standard inferential statistics, including hypothesis testing and the estimation of a populations mean, variance and proportions. The logic replaces classical defaults with ordered pairs consisting of a Reiter default in the first coordinate and a real number within the unit interval in the second coordinate. This real number represents an upper-bound limit on the probability of accepting (...) the consequent of an applied default and that consequent being false. A method for constructing extensions is then defined that preserves this upper bound on the probability of error under a (skeptical) non-monotonic consequence relation. (shrink)

Based on an endorsement of the hypothesis of extended cognition , this paper proposes a criticism of the representationalist assumptions that still pertain to these contemporary models of cognition. I first rehearse some basic problems akin to any representationalist model of cognition, before proposing some more specific arguments directed against the necessity, the plausibility, and the coherence of the marriage between extended cognition and contemporary representationalism . Extended and distributed models of cognition have the resources to get rid of (...) representationalism, and they should better do it. Their adherence to representationalism might be an by-product of the extended character of the scientific study of cognition. (shrink)

Based on an endorsement of the hypothesis of extended cognition, this paper proposes a criticism of the representationalist assumptions that still pertain to these contemporary models of cognition. I first rehearse some basic problems akin to any representationalist model of cognition, before proposing some more specific arguments directed against the necessity, the plausibility, and the coherence of the marriage between extended cognition and contemporary representationalism. Extended and distributed models of cognition have the resources to get rid of representationalism, and (...) they should better do it. Their adherence to representationalism might be an by-product of the extended character of the scientific study of cognition. (shrink)

Agents need to be able to change their beliefs; in particular, they should be able to contract or remove a certain belief in order to restore consistency to their set of beliefs, and revise their beliefs by incorporating a new belief which may be inconsistent with their previous beliefs. An influential theory of belief change proposed by Alchourron, G¨ardenfors and Makinson (AGM) [1] describes postulates which a rational belief revision and contraction operations should satisfy. The AGM postulates have been perceived (...) as characterising idealised rational reasoners, and the corresponding belief change operations are considered unsuitable for implementable agents due to their high computational cost [3]. The main result of this paper is showing that an efficient (linear time) belief contraction operation nevertheless satisfies all but one of the AGM postulates for contraction. This contraction operation is defined for a realistic rule-based agent which can be seen as a reasoner in a very weak logic; although the agent’s beliefs are deductively closed with respect to this logic, checking consistency and tracing dependencies between beliefs is not computationally expensive. Finally, we give a non-standard definition of belief revision in terms of contraction for our agent. (shrink)

In the Newcomb problem, the standard arguments for taking either one box or both boxes adduce what seem to be relevant considerations, but they are not complete arguments, and attempts to complete the arguments rely upon incorrect principles of rational decision making. It is argued that by considering how the predictor is making his prediction, we can generate a more complete argument, and this in turn supports a form of causal decision theory.

Syntactic logics do not suffer from the problems of logical omniscience but are often thought to lack interesting properties relating to epistemic notions. By focusing on the case of rule-based agents, I develop a framework for modelling resource-bounded agents and show that the resulting models have a number of interesting properties.

There have been two major lines of research aimed at capturing resource-bounded players in game theory. The first, initiated by Rubinstein (), charges an agent for doing costly computation; the second, initiated by Neyman (), does not charge for computation, but limits the computation that agents can do, typically by modeling agents as finite automata. We review recent work on applying both approaches in the context of decision theory. For the first approach, we take the objects of choice in (...) a decision problem to be Turing machines, and charge players for the “complexity” of the Turing machine chosen (e.g., its running time). This approach can be used to explain well-known phenomena like first-impression-matters biases (i.e., people tend to put more weight on evidence they hear early on) and belief polarization (two people with different prior beliefs, hearing the same evidence, can end up with diametrically opposed conclusions) as the outcomes of quite rational decisions. For the second approach, we model people as finite automata, and provide a simple algorithm that, on a problem that captures a number of settings of interest, provably performs optimally as the number of states in the automaton increases. (shrink)

We propose a framework for modelling situated resource-bounded agents. The framework is based on an objective ascription of intentional modalities and can be easily tailored to the system we want to model and the properties we wish to specify. As an elaboration of the framework, we introduce a logic, OBA, for describing the observations, beliefs, goals and actions of simple agents, and show that OBA is complete, decidable and has an efficient model checking procedure, allowing properties of agents specified (...) in OBA to be verified using standard theorem proving or model checking techniques. (shrink)

We here describe research into the formal specification and implementation of resource-bounded agents. In particular, we provide an overview of our work on incorporating resource limitations into executable agent specifications. In addition, we outline future directions, highlighting both their promise and their problems.

This article presents two theorems: a generalization of Löb’s Theorem that applies to formal proof systems operating with bounded computational resources, such as formal verification software or theorem provers, and a theorem on the robust cooperation of agents that employ proofs about one another’s source code as unexploitable criteria for cooperation. The latter illustrates a capacity for outperforming classical Nash equilibria and correlated equilibria, attaining mutually cooperative program equilibrium in the Prisoner’s Dilemma while remaining unexploitable, i.e., sometimes achieving (...) the outcome, and never receiving the outcome as player 1. (shrink)

Classical propositional logic plays a prominent role in industrial applications, and yet the complexity of this logic is presumed to be non-feasible. Tractable systems such as depth-bounded boolean logics approximate classical logic and can be seen as a model for resource-bounded agents whose reasoning style is nonetheless classical. In this paper we first study a hierarchy of tractable logics that is not defined by depth. Then we extend it into a modal logic where modalities make explicit the assumptions (...) discharged in propositional proofs, thereby expressing blueprints for proofs. A natural deduction system is provided that permits to reason about and manage such proof blueprints. (shrink)

The objective of this paper is to construct an implementable theory of rational decision-making for cognitive agents subject to realistic resource constraints. It is argued that decision-making should select actions indirectly by selecting plans that prescribe them. It is also argued that although expected values provide the tool for evaluating plans, plans cannot be compared straightforwardly in terms of their expected values, and the objective of a realistic agent cannot be to find optimal plans. The theory of Locally Global planning (...) is proposed as a realistic alternative to standard "maximizing" theories of rational decision-making. (shrink)

The paper presents a new logic for reasoning about the formation of beliefs through perception or through inference in non-omniscient resource-bounded agents. The logic distinguishes the concept of explicit belief from the concept of background knowledge. This distinction is reflected in its formal semantics and axiomatics: we use a non-standard semantics putting together a neighborhood semantics for explicit beliefs and relational semantics for background knowledge, and we have specific axioms in the logic highlighting the relationship between the two concepts. (...) Mental operations of perceptive type and inferential type, having effects on epistemic states of agents, are primitives in the object language of the logic. At the semantic level, they are modelled as special kinds of model-update operations, in the style of dynamic epistemic logic. Results about axiomatization, decidability and complexity for the logic are given in the paper. (shrink)

We exhibit a structural difference between the truth-table degrees of the sets which are truth-table above 0′ and the PTIME-Turing degrees of all sets. Though the structures do not have the same isomorphism type, demonstrating this fact relies on developing their common theory.

The effective reasoning capability of an agent can be defined as its capability to infer, within a given space and time bound, facts that are logical consequences of its knowledge base. In this paper we show how to determine the effective reasoning capability of an agent with limited memory by encoding the agent as a transition system and automatically verifying whether a state where the agent believes a certain conclusion is reachable from the start state. We present experimental results using (...) the Model Based Planner (MBP) which illustrates how the length of the deduction varies for different memory sizes. (shrink)

Many problems in Multi-Agent Systems (MASs) research are formulated in terms of the abilities of a coalition of agents. Existing approaches to reasoning about coalitional ability are usually focused on games or transition systems, which are described in terms of states and actions. Such approaches however often neglect a key feature of multi-agent systems, namely that the actions of the agents require resources. In this paper, we describe a logic for reasoning about coalitional ability under resource constraints in the (...) probabilistic setting. We extend Resource-bounded Alternating-time Temporal Logic (RB-ATL) with probabilistic reasoning and provide a standard algorithm for the model-checking problem of the resulting logic Probabilistic resource-bounded ATL (pRB-ATL). We implement model-checking algorithms and present experimental results using simple multi-agent model-checking problems of increasing complexity. (shrink)

We introduce a three-tiered framework for modelling and reasoning about agents who (i) can use possibly complete reasoning systems without any restrictions but who nevertheless are (ii) bounded in the sense that they never reach infinitely many results and, finally, who (iii) perform their reasoning in time. This last aspect does not concern so much the time it takes for agents to actually carry out their reasoning, as the time which can bring about external changes in the agents’ states (...) such as arriving of new information or discarding previously available information due to bounds of the agent’s resources. These three aspects are treated with the maximal possible degree of independence from each other. The treatment of layer (iii) can be combined with arbitrary logic at level (ii) which, in turn, can be combined with arbitrary agent logic at level (i). At the level (iii), we discuss briefly the duality (or rather, complementarity) of system descriptions based on actions and transitions, on the one hand, and states and their changes, on the other. We settle for the latter and present a simple language, for describing state changes, which is parameterized by an arbitrary language for describing properties of the states. The language can be viewed as a simple fragment of step logic, admitting however various extensions by appropriate choices of the underlying logic. Alternatively, it can be seen as a very specific fragment of temporal logic (with a variant of ‘until’ or ‘chop’ operator), and is interpreted over dense linear time. The reasoning system presented here is sound, as well as strongly complete and decidable (provided that so is the parameter logic for reasoning about single states). We give the main idea of the completeness proof and suggest a wide range of possible applications, which is a simple consequence of the parametric character of both the language and the reasoning system. We address then in more detail the case of non-omniscient rational agents, (ii). Their models are syntactic structures (sets of available formulae) similar in spirit, though not in the technical formulation, to the models used in other syntax oriented approaches and in active logic. We give a new sound, complete and decidable system for reasoning about such agents. Finally, we illustrate its extensions with the internal reasoning of agents, (i), by equipping them with some example logics. (shrink)

For a significant number of patients, there exists no, or only little, interest in developing a treatment for their disease or condition. Especially with regard to rare diseases, the lack of commercial interest in drug development is a burning issue. Several interventions have been made in the regulatory field in order to address the commercial disinterest in these conditions. However, existing regulations mainly focus on the provision of incentives to the sponsors of clinical trials of orphan drugs, and leave unanswered (...) the overarching question about the rightful place of orphan drugs in resource allocation systems. In this article, we analyse the ethical aspects of funding research and development in the field of rare diseases. We then propose an ethical framework that can help health policy makers move forward in the difficult matter of fairly allocating resources for the prevention, diagnosis and treatment of rare diseases. (shrink)

An account of the virtues of limitation management: intellectual virtues of adapting to the fact that we cannot solve many of the problems that we can describe. I argue that the best response to many problems depends not on the most rationally promising solution, but on the most likely route to success. I argue against techniques that assume that one will fulfil ones intentions, and distinguish between failures of rationality and failures of intelligence. I describe the trap of supposing that (...) one will be capable of following the plan that would best exploit ones limited resources. (shrink)

There are several areas in applied logic where deletion from databases is involved in one way or another:Belief contraction Triggers of the form ‘If condition then remove A’, which are extensively used in database management systemsResource considerations as in relevance and linear logics, where addition or removal of resource can affect provabilityFree logic and the like, where existence and non-existence of individuals affects quantification.All of these areas have certain logical difficulties relating to the removal of elements. These difficulties are normally (...) overcome by working on the meta-level. This paper offers a comprehensive model in which the various forms of removal are treated on the object level, i.e., as connectives of the object language. (shrink)

There are several areas in applied logic where deletion from databases is involved in one way or another:Belief contraction Triggers of the form ‘If condition then remove A’, which are extensively used in database management systemsResource considerations as in relevance and linear logics, where addition or removal of resource can affect provabilityFree logic and the like, where existence and non-existence of individuals affects quantification.All of these areas have certain logical difficulties relating to the removal of elements. This paper points out (...) the difficulties and offers a comprehensive logical model. (shrink)

Theories of rational decision making often abstract away from computational and other resource limitations faced by real agents. An alternative approach known as resource rationality puts such matters front and center, grounding choice and decision in the rational use of finite resources. Anticipated by earlier work in economics and in computer science, this approach has recently seen rapid development and application in the cognitive sciences. Here, the theory of rationality plays a dual role, both as a framework for normative (...) assessment and as a source of scientific hypotheses about how mental processes in fact work. The latter project, often called rational analysis, depends for its success on a fine-grained characterization of the computational problem facing a decision maker, which may in turn depend on realistic assumptions about what the relevant agent is like. As a consequence, resource rationality involves a delicate, but often fruitful interplay between the normative and the descriptive. (shrink)

The bounded confidence model has become a popular tool for studying communities of epistemically interacting agents. The model makes the idealizing assumption that all agents always have access to all other agents’ belief states. We draw on resources from network epistemology to do away with this assumption. In the model to be proposed, we impose an explicit communication network on a community, due to which each agent has access to the beliefs of only a selection of other agents. (...) A much-discussed result from network epistemology shows that densely connected communication networks are not always preferable to sparser networks. The aim of this paper is to investigate whether there are any noteworthy network effects in a version of the bounded confidence model augmented with communication networks, and in particular whether the aforementioned result from network epistemology can be replicated in that version. (shrink)

Topics in Cognitive Science, Volume 14, Issue 3, Page 528-549, July 2022.

Previous theory and research on bounded rationality has emphasized how limited cognitive resources constrain people from making utility maximizing choices. This paper expands the concept of bounded rationality to consider how people’s rationality may be constrained by their internalization of a qualitatively distinct standard for sound judgment, which is commonly labeled reasonableness. In contrast to rationality, the standard of reasonableness provides guidance for making choices in situations that involve balancing incommensurable values and interests or reconciling conflicting points-of-view. (...) We review recent evidence showing that laypeople readily recognize the distinctions between rationality and reasonableness and thus are able to utilize these as distinct standards to inform their everyday decision-making. The fact that people appear to have internalized rationality and reasonableness as distinct standards of sound judgment supports the notion that people’s pursuit of rationality may be bounded by their determination to also be reasonable. (shrink)

While game theory has been transformative for decision making, the assumptions made can be overly restrictive in certain instances. In this work, we investigate some of the underlying assumptions of rationality, such as mutual consistency and best response, and consider ways to relax these assumptions using concepts from level-k reasoning and quantal response equilibrium (QRE) respectively. Specifically, we propose an information-theoretic two-parameter model called the quantal hierarchy model, which can relax both mutual consistency and best response while still approximating level-k, (...) QRE, or typical Nash equilibrium behavior in the limiting cases. The model is based on a recursive form of the variational free energy principle, representing higher-order reasoning as (pseudo) sequential decision-making in extensive-form game tree. This representation enables us to treat simultaneous games in a similar manner to sequential games, where reasoning resources deplete throughout the game-tree. Bounds in player processing abilities are captured as information costs, where future branches of reasoning are discounted, implying a hierarchy of players where lower-level players have fewer processing resources. We demonstrate the effectiveness of the quantal hierarchy model in several canonical economic games, both simultaneous and sequential, using out-of-sample modelling. (shrink)

In this paper, I will argue that it is a moral obligation for companies, firstly, to accept their moral responsibility with respect to non-discrimination, and secondly, to address the issue with a full-fledged programme, including but not limited to the countering of microsocial discrimination processes through specific policies. On the basis of a broad sketch of how some discrimination mechanisms are actually influencing decisions, that is, causing intended as well as unintended bias in Human Resources Management (HRM), I will (...) argue that the well known tools of legislation and ethical codes are necessary although insufficient to cope with the problem. However, based on empirical evidence, we know which set of measures is likely to diminish discrimination. Taking non-discrimination seriously implies complex and longitudinal policies which include assigning responsibility for a non-discrimination policy within the firm, making managers conscious of implicit stereotypes and helping them to cope with prejudices that no one can totally overcome. Insofar as corporate responsibility with respect to non-discrimination is accepted and strategies that are not prohibitively expensive are known, companies are bound to implement them. Not implementing the best set of measures may be considered at least as a moral shortcoming or, depending on the size of the company, mere lip service to the non-discrimination principle. Although the paper refers to empirical material of diverse backgrounds, its intent is clearly normative. It wishes to spell out what companies ought to do if they are committed to responsible behaviour. The discussion of effective remedies against discrimination is based on a case study of a French company. The retailer Auchan was recently surprised to learn that it was discriminating against ethnic minorities despite strong ethical standards, an ethics committee and ethical leadership. The company dropped its naïve beliefs and set up an ambitious policy cope with the issue. The case illustrates what recent empirical research has revealed about the effectiveness of diversity policies: establishing responsibility for diversity results, firm ethical commitment and support from top management make diversity programs effective. (shrink)

If quantum mechanics is correct and there is a finite upper bound for the speed of causal influences (e.g., the speed of light), then quantum mechanics is complete (i.e., it does not admit a more detailed description in terms of hidden variables). Here I show that the conclusion holds if we replace the assumption of bounded velocity by the assumption that there is a finite upper bound to the memory a finite physical system can store (e.g., the Holevo bound). (...) On the way to this conclusion I first show that, although the quantum violation of an inequality valid for any non-contextual model can be explained with a classical contextual model, the inequality can be promoted to a Bell inequality in which, if the model is contextual, then it must be also non-local. This suggests that there is something non-classical in any contextual explanation of the individual systems, and leads us to the question of which are the minimum resources (and specifically memory) any contextual explanation should consume. (shrink)

In an attempt to give a unified account of common properties of various resource bounded reducibilities, we introduce conditions on a binary relation ≤r between subsets of the natural numbers, where ≤r is meant as a resource bounded reducibility. The conditions are a formalization of basic features shared by most resource bounded reducibilities which can be found in the literature. As our main technical result, we show that these conditions imply a result about exact pairs which has (...) been previously shown by Ambos-Spies [2] in a setting of polynomial time bounds: given some recursively presentable ≤r-ideal I and some recursive ≤r-hard set B for I which is not contained in I, there is some recursive set C, where B and C are an exact pair for I, that is, I is equal to the intersection of the lower ≤r-cones of B and C, where C is not in I. In particular, if the relation ≤r is in addition transitive and there are least sets, then every recursive set which is not in the least degree is half of a minimal pair of recursive sets. (shrink)

We investigate the connection between interference and computational power within the operationally defined framework of generalised probabilistic theories. To compare the computational abilities of different theories within this framework we show that any theory satisfying four natural physical principles possess a well-defined oracle model. Indeed, we prove a subroutine theorem for oracles in such theories which is a necessary condition for the oracle model to be well-defined. The four principles are: causality, purification, strong symmetry, and informationally consistent composition. Sorkin has (...) defined a hierarchy of conceivable interference behaviours, where the order in the hierarchy corresponds to the number of paths that have an irreducible interaction in a multi-slit experiment. Given our oracle model, we show that if a classical computer requires at least n queries to solve a learning problem, because fewer queries provide no information about the solution, then the corresponding “no-information” lower bound in theories lying at the kth level of Sorkin’s hierarchy is \. This lower bound leaves open the possibility that quantum oracles are less powerful than general probabilistic oracles, although it is not known whether the lower bound is achievable in general. Hence searches for higher-order interference are not only foundationally motivated, but constitute a search for a computational resource that might have power beyond that offered by quantum computation. (shrink)

All forms of cognition, whether natural or artificial, are subject to constraints of their computing architecture. This assumption forms the tenet of virtually all general theories of cognition, including those deriving from bounded optimality and bounded rationality. In this letter, we highlight an unresolved puzzle related to this premise: what are these constraints, and why are cognitive architectures subject to cognitive constraints in the first place? First, we lay out some pieces along the puzzle edge, such as computational (...) tradeoffs inherent to neural architectures that give rise to rational bounds of cognition. We then outline critical next steps for characterizing cognitive bounds, proposing that some of these bounds can be subject to modification by cognition and, as such, are part of what is being optimized when cognitive agents decide how to allocate cognitive resources. We conclude that these emerging views may contribute to a more holistic perspective on the nature of cognitive bounds, as well as their alteration subject to cognition. (shrink)

In a recent line of cases, senior judges in the UK have been called upon to adjudicate in complaints over the failure of health and local authorities to meet the welfare needs of citizens. Local authorities claimed that the disputes had been precipitated by a lack of resources allocated by central government to meet local demand. This article examines the role of the courts in resolving a fundamental tension between central government policy of financial cost-cutting on the one hand (...) and welfarist principles embodied in legislation for the delivery of public services on the other. Questions are raised about the relevance and appropriateness of rights-based adjudication in welfare needs contexts and about the reluctance of courts to intervene in the resolution of resource allocation disputes even where fundamental rights, particularly in areas such as health, community care, and education where notions of rights are inextricably bound up with use of financial resources. These key cases have arisen prior to the implementation of the Human Rights Act 1998. Where relevant, the likely impact of the Act on welfare needs disputes is considered. (shrink)

How much would you pay to play a lottery with an “infinite expected payoff?” In the case of the century old, St. Petersburg Paradox, the answer is that the vast majority of people would only pay a small amount. The authors seek to understand this paradox by providing an explanation consistent with a broad, process‐level model of human decision‐making under risk.