This paper examines the relationship between Savage's sure thing principle and the value of information. We present two classes of results. First, we show that, under a consequentialist axiom, the sure-thing principle is neither sufficient nor necessary for perfect information to be always desirable: specifically, under consequentialism, the sure thing principle is not implied by the condition that perfect information is always valuable; moreover, the joint imposition of the sure thing principle, consequentialism and either one of two state independence axioms (...) does not imply that perfect information is always desirable. Second, we demonstrate that, under consequentialism, the sure thing principle is necessary for a nonnegative value of possibly imperfect information (though of course the principle is still not sufficient). One implication of these results is that the sure thing principle, under consequentialism, plays a somewhat different role in ensuring dynamic consistency in decision making under uncertainty than does the independence axiom in decision making under risk. (shrink)

A number of theoretical positions in psychology—including variants of case‐based reasoning, instance‐based analogy, and connectionist models—maintain that abstract rules are not involved in human reasoning, or at best play a minor role. Other views hold that the use of abstract rules is a core aspect of human reasoning. We propose eight criteria for determining whether or not people use abstract rules in reasoning, and examine evidence relevant to each criterion for several rule systems. We argue that there is substantial evidence (...) that several different inferential rules, including modus ponens, contractual rules, causal rules, and the law of large numbers, are used in solving everyday problems. We discuss the implications for various theoretical positions and consider hybrid mechanisms that combine aspects of instance and rule models. (shrink)