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Ranking Actions: Prioritarianism under Uncertainty

Matthew D. Adler

in Well-Being and Fair Distribution: Beyond Cost-Benefit Analysis

Published in print:
2011
Published Online:
January 2012
ISBN:
9780195384994
eISBN:
9780199918348
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195384994.003.0008
Subject:
Law, Philosophy of Law, Constitutional and Administrative Law

The prior four chapters focused on developing tools for constructing and morally ranking an outcome set: tools that include an account of well-being, principles for measuring well-being using a set U ... More


Quantities of Lifetime Wellbeing

John Broome

in Weighing Lives

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199243761
eISBN:
9780191602900
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019924376X.003.0005
Subject:
Philosophy, Moral Philosophy

This chapter defines a quantitative notion of a person’s lifetime wellbeing. It does so on the basis of betterness among uncertain prospects, using expected utility theory (which the chapter ... More


Error Management

Daniel Nettle

in Evolution and the Mechanisms of Decision Making

Published in print:
2012
Published Online:
May 2016
ISBN:
9780262018081
eISBN:
9780262306027
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018081.003.0005
Subject:
Psychology, Social Psychology

This chapter briefly introduces error management theory, an evolutionary framework for understanding how natural selection should be expected to shape decision-making mechanisms. Selection minimizes ... More


Downside Potential Under Risk: The Allais Paradox and Its Conflicting Interpretations

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0010
Subject:
Economics and Finance, Behavioural Economics

This chapter focuses on the psychological importance of downside risk by presenting Maurice Allais's paradox and by contrasting how Allais and prospect theory have interpreted this paradox. It also ... More


The Expected Utility Theory and Measurement Theory of von Neumann and Morgenstern, 1944–1947

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0010
Subject:
Economics and Finance, Microeconomics

Chapter 9 discusses the axiomatic version of expected utility theory (EUT), a theory of decision-making under risk, put forward by John von Neumann and Oskar Morgenstern in their book Theory of Games ... More


Measuring the Output and Prices of the Lottery Sector: An Application of Implicit Expected Utility Theory

Kam Yu (ed.)

in Price Index Concepts and Measurement

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226148557
eISBN:
9780226148571
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226148571.003.0011
Subject:
Economics and Finance, Econometrics

This chapter presents a novel approach to pricing gambling services, using data on the Canadian lottery system. The Bureau of Labor Statistics excludes gambling from the scope of the Consumer Price ... More


Measuring Utility: From the Marginal Revolution to Behavioral Economics

Ivan Moscati

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.001.0001
Subject:
Economics and Finance, Microeconomics

The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers 1870–1910 and ... More


The Economists’ Orthodoxy: Expected Utility Theory

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0002
Subject:
Philosophy, Philosophy of Mind

This chapter provides an introduction to expected utility theory, the orthodox theory of rational decision-making. It introduces the framework of states of the world, credences, utilities, expected ... More


Thinking Rationally About Heuristics and Biases

Bradley E. Alger

in Defense of the Scientific Hypothesis: From Reproducibility Crisis to Big Data

Published in print:
2019
Published Online:
February 2021
ISBN:
9780190881481
eISBN:
9780190093761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190881481.003.0012
Subject:
Neuroscience, Techniques

Chapter 12 continues the discussion of biases in “automatic thinking” that began in the preceding chapter. This chapter takes up the topic of specific biases and their origins in heuristics and ... More


What Is That Function?: Friedman, Savage, Marschak, Samuelson, and Baumol on EUT, 1947–1950

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0011
Subject:
Economics and Finance, Microeconomics

Chapter 10 reconstructs the first part of the American debate on expected utility theory (EUT), which ranges from 1947, when the second edition of John von Neumann and Oskar Morgenstern’s Theory of ... More


The Aggregate Utility Solution I: Which Attitudes to Aggregate?

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0006
Subject:
Philosophy, Philosophy of Mind

The chapter starts to describe a new solution to the problem of choosing for changing selves. It proposes that we should consider it as a judgement aggregation problem. In a judgement aggregation ... More


From Chicago to Paris: The Debate Continues, 1950–1952

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0012
Subject:
Economics and Finance, Microeconomics

Chapter 11 studies the second phase of the debate on expected utility theory (EUT), which commenced in May 1950, when Paul Samuelson, Leonard J. Savage, Jacob Marschak, Milton Friedman, and William ... More


The Road Ahead

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0016
Subject:
Philosophy, Philosophy of Mind

This final chapter of the book summarizes the conclusions of the preceding chapters and looks forward to how the Aggregate Utility Solution might be generalized so that it applies not only to the ... More


Can We Compare the Utilities of Different Selves?

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0008
Subject:
Philosophy, Philosophy of Mind

This chapter asks whether we can compare the values of different selves of the same individual in such a way that we can measure those values on the same scale using utilities. It surveys a number of ... More


Homeowners’ Decision Making for Purchasing Insurance Coverage

Howard C. Kunreuther and Erwann O. Michel-Kerjan

in At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262012829
eISBN:
9780262255431
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262012829.003.0005
Subject:
Political Science, Political Economy

This chapter explores how homeowners decide when buying insurance coverage, with special emphasis on the amount of insurance (if any) to purchase against losses from a natural disaster. It shows that ... More


Existing Solutions III: The One True Utility Solution

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0005
Subject:
Philosophy, Philosophy of Mind

This chapter considers the third existing putative solution to the problem of choosing for changing selves. This is the One True Utility Solution and it is based on the objectivist claim that there ... More


Precaution Has Its Reasons

Mariam Thalos

in The Environment: Philosophy, Science, and Ethics

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262017404
eISBN:
9780262301770
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262017404.003.0010
Subject:
Philosophy, General

This chapter focuses on finding better ways to conceptualize precaution. Precaution has now become an established principle of environmental governance, although it has not been distinguished from ... More


Existing Solutions II: The Utility of Utility Solution

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0004
Subject:
Philosophy, Philosophy of Mind

In this chapter, we meet the second putative solution to our problem that has been proposed. This is the Utility of Utility Solution and it claims that, when our past, present, and future utilities ... More


The Problem of Weighting Changing Selves

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0011
Subject:
Philosophy, Philosophy of Mind

This chapter summarizes the conclusions of the first part of the book and introduces the work of the second part. The first part proposed the Aggregate Utility Solution to the problem of choosing for ... More


Choosing for Changing Selves

Richard Pettigrew

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.001.0001
Subject:
Philosophy, Philosophy of Mind

What we value, like, endorse, want, and prefer changes over the course of our lives. Sometimes this is a result of decisions we make—such as when we choose to become a parent or move to a new ... More


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