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The Problem of Infinite Utilities

Jeff Jordan

in Pascal's Wager: Pragmatic Arguments and Belief in God

Published in print:
2006
Published Online:
January 2007
ISBN:
9780199291328
eISBN:
9780191710698
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199291328.003.0004
Subject:
Philosophy, Philosophy of Religion

Pascal's Wager employed infinite utilities, but standard decision theory is incompatible with infinite utilities. In this chapter, the consequences of restricting the Wager to finite utilities are ... More


Pascal's Wager: Pragmatic Arguments and Belief in God

Jeff Jordan

Published in print:
2006
Published Online:
January 2007
ISBN:
9780199291328
eISBN:
9780191710698
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199291328.001.0001
Subject:
Philosophy, Philosophy of Religion

What if there is no strong evidence that God exists? Is belief in God when faced with a lack of evidence illegitimate and improper? Evidentialism answers yes. According to Evidentialism, it is ... More


NEW CONCEPTS AND METHODS—PRE-BAYESIAN ERA

Shoutir Kishore Chatterjee

in Statistical Thought: A Perspective and History

Published in print:
2003
Published Online:
September 2007
ISBN:
9780198525318
eISBN:
9780191711657
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198525318.003.0006
Subject:
Mathematics, Probability / Statistics

After James Bernoulli, the main contributors to probability theory and its applications in the 18th century worked either to solve more intricate problems of games of chance (De Moivre), or to build ... More


When do Averages Exist?

David P. Feldman

in Chaos and Fractals: An Elementary Introduction

Published in print:
2012
Published Online:
December 2013
ISBN:
9780199566433
eISBN:
9780191774966
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199566433.003.0020
Subject:
Physics, Theoretical, Computational, and Statistical Physics

Since fractals are self-similar, it is often not useful to describe them in terms of an average size. Stating an average size does not capture what is interesting or noteworthy about the shape of a ... More


One-Reason Decision-Making: Modeling Violations of Expected Utility Theory

Konstantinos V. Katsikopoulos and Gerd Gigerenzer

in Heuristics: The Foundations of Adaptive Behavior

Published in print:
2011
Published Online:
May 2011
ISBN:
9780199744282
eISBN:
9780199894727
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199744282.003.0008
Subject:
Psychology, Cognitive Psychology, Human-Technology Interaction

People violate expected utility theory and this has been traditionally modeled by augmenting its weight-and-add framework by nonlinear transformations of values and probabilities. Yet individuals ... More


The Case of Incomplete Markets: Relating Risk Premiums to Economic Fundamentals

Gilles Bénéplanc and Jean-Charles Rochet

in Risk Management in Turbulent Times

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199774081
eISBN:
9780190258474
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199774081.003.0009
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter talks about the expected utility criterion, which solves the St Petersburg paradox proposed in the 18th century by Nicolas Bernoulli. The criterion is useful in modeling insurance ... More


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