Realistic Decision Theory
Rules for Nonideal Agents in Nonideal Circumstances
Weirich, Paul Professor of Philosophy, University of Missouri-Columbia
Print publication date: 2004 (this edition)
Published to Oxford Scholarship Online: November 2004
Print ISBN-13: 978-0-19-517125-9
doi:10.1093/019517125X.003.0004
Paul Weirich
In some decision problems, even after reflection, relevant probabilities and utilities are indeterminate. Then a rational decision maximizes utility with respect to a quantization of beliefs and desires. It is robust with respect to a sensitivity analysis. Rationality does not require meeting the maximin rule, which in its standard form expresses excessive aversion to risk. Multiple decisions must form a coherent set, however.
Keywords: coherence among decisions, indeterminacy, the maximin rule, probability, quantization, risk, sensitivity analysis,
doi:10.1093/019517125X.003.0004
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