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Rational Choice Using Imprecise Probabilities and Utilities

Download or Read eBook Rational Choice Using Imprecise Probabilities and Utilities PDF written by Paul Weirich and published by Cambridge University Press. This book was released on 2021-02-25 with total page 139 pages. Available in PDF, EPUB and Kindle.
Rational Choice Using Imprecise Probabilities and Utilities
Author :
Publisher : Cambridge University Press
Total Pages : 139
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ISBN-10 : 9781108604789
ISBN-13 : 1108604781
Rating : 4/5 (89 Downloads)

Book Synopsis Rational Choice Using Imprecise Probabilities and Utilities by : Paul Weirich

Book excerpt: An agent often does not have precise probabilities or utilities to guide resolution of a decision problem. I advance a principle of rationality for making decisions in such cases. To begin, I represent the doxastic and conative state of an agent with a set of pairs of a probability assignment and a utility assignment. Then I support a decision principle that allows any act that maximizes expected utility according to some pair of assignments in the set. Assuming that computation of an option's expected utility uses comprehensive possible outcomes that include the option's risk, no consideration supports a stricter requirement.


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