Chapter

Realism about Agents: Resources

Paul Weirich

in Realistic Decision Theory

Published in print August 2004 | ISBN: 9780195171259
Published online November 2004 | e-ISBN: 9780199834976 | DOI: http://dx.doi.org/10.1093/019517125X.003.0004
 Realism about Agents: Resources

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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

Chapter.  14320 words.  Illustrated.

Subjects: Philosophy of Mathematics and Logic

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