Chapter

Informational Value in Contraction

Isaac Levi

in Mild Contraction

Published in print June 2004 | ISBN: 9780199270705
Published online January 2005 | e-ISBN: 9780191601774 | DOI: http://dx.doi.org/10.1093/0199270708.003.0004
Informational Value in Contraction

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The informational value involved in contraction is the subject of this chapter. Probability-based notions of informational value are introduced. It is argued that rational agents need not evaluate consequences of options and probabilities numerically when evaluating decision problems. The notions of weak and strong monotonicity are discussed, and it is argued that when two or more expansion or contraction options are tied for optimality with respect to the goals of the decision-maker, he should adopt the weakest of them, if it exists. A version of a method for evaluating loss of informational value called loss of damped informational value is defended.

Keywords: damped informational value; decision problems; informational value; probability; strong monotonicity; weak monotonicity

Chapter.  18432 words. 

Subjects: Metaphysics

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