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Rational Choice Using Imprecise Probabilities and Utilities

Published online by Cambridge University Press:  02 February 2021

Paul Weirich
Affiliation:
University of Missouri, Columbia

Summary

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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Online ISBN: 9781108582209
Publisher: Cambridge University Press
Print publication: 25 February 2021

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Rational Choice Using Imprecise Probabilities and Utilities
  • Paul Weirich, University of Missouri, Columbia
  • Online ISBN: 9781108582209
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Rational Choice Using Imprecise Probabilities and Utilities
  • Paul Weirich, University of Missouri, Columbia
  • Online ISBN: 9781108582209
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Rational Choice Using Imprecise Probabilities and Utilities
  • Paul Weirich, University of Missouri, Columbia
  • Online ISBN: 9781108582209
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