(Ebook) Risk and Rationality 1st Edition by Lara Buchak ISBN 0198801289 9780198801283

(Ebook) Risk and Rationality 1st Edition by Lara Buchak ISBN 0198801289 9780198801283

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ISBN 10: 0198801289 
ISBN 13: 9780198801283
Author: Lara Buchak

Lara Buchak sets out an original account of the principles that govern rational decision-making in the face of risk. A distinctive feature of these decisions is that individuals are forced to consider how their choices will turn out under various circumstances, and decide how to trade off the possibility that a choice will turn out well against the possibility that it will turn out poorly. The orthodox view is that there is only one acceptable way to do this: rational individuals must maximize expected utility. Buchak's contention, however, is that the orthodox theory (expected utility theory) dictates an overly narrow way in which considerations about risk can play a role in an individual's choices. Combining research from economics and philosophy, she argues for an alternative, more permissive, theory of decision-making: one that allows individuals to pay special attention to the worst-case or best-case scenario (among other 'global features' of gambles). This theory, risk-weighted expected utility theory, better captures the preferences of actual decision-makers. Furthermore, it isolates the distinct roles that beliefs, desires, and risk-attitudes play in decision-making. Finally, contra the orthodox view, Buchak argues that decision-makers whose preferences can be captured by risk-weighted expected utility theory are rational. Thus, Risk and Rationality is in many ways a vindication of the ordinary decision-maker—particularly his or her attitude towards risk—from the point of view of even ideal rationality.

(Ebook) Risk and Rationality 1st Table of contents:

I.1 Introduction
I.2 Chapter Summary
I.3 Terminology
1 Instrumental Rationality and Expected Utility Theory
1.1 Examples
1.2 Risk-Aversion and Expected Utility Theory
1.3 Risk-Aversion and Reasons
1.4 Non-Expected Utility Theories
2 Risk-Weighted Expected Utility
2.1 An Alternative Theory of Instrumental Rationality
2.2 The Risk Function
2.3 Examples Explained
2.4 Deviations from REU Theory
3 Representation
3.1 From Preferences to Beliefs and Desires
3.2 Representation Theorem for REU Maximizers
3.3 Comonotonicity and Global Properties
3.4 Separating Beliefs from Risk-Attitudes
4 Redescription
4.1 The Role of Rationality in Decision Theory
4.2 The Individuation Strategy
4.3 Local Individuation
4.4 Global Individuation
4.5 The Failure of the Individuation Strategy
5 Consistency
5.1 Decision-Theoretic Rationality
5.2 Coherent Consequentialist Preferences
5.3 The Sure-Thing Principle and the Independence Axiom
5.4 The Argument from Dominance and No Interaction Effects
6 Diachronic Choice
6.1 Three Diachronic Arguments
6.2 Diachronic Choice under Certainty
6.3 Diachronic Choice under Risk
6.4 Inconsistent Preferences?
6.5 The Cost of Global Sensitivity
7 Bookmaking and Packaging
7.1 Bookmaking Arguments
7.2 The Package Principle
7.3 The Hypothetical Long-Run Argument
7.4 The Motivational Long-Run Argument
7.5 Insurance
7.6 Carving up the World
8 Conclusion
Appendices
Appendix A: Representation Theorem
Appendix B: Axioms for EU theory
Appendix C: Tradeoff Equality and Utility Differences

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Tags: Lara Buchak, Risk, Rationality