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Money Pump Arguments
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Book Synopsis Money-Pump Arguments by : Johan E. Gustafsson
Download or read book Money-Pump Arguments written by Johan E. Gustafsson and published by Cambridge University Press. This book was released on 2022-10-13 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.
Book Synopsis Introduction to Formal Philosophy by : Sven Ove Hansson
Download or read book Introduction to Formal Philosophy written by Sven Ove Hansson and published by Springer. This book was released on 2018-10-24 with total page 727 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Undergraduate Textbook introduces key methods and examines the major areas of philosophy in which formal methods play pivotal roles. Coverage begins with a thorough introduction to formalization and to the advantages and pitfalls of formal methods in philosophy. The ensuing chapters show how to use formal methods in a wide range of areas. Throughout, the contributors clarify the relationships and interdependencies between formal and informal notions and constructions. Their main focus is to show how formal treatments of philosophical problems may help us understand them better. Formal methods can be used to solve problems but also to express new philosophical problems that would never have seen the light of day without the expressive power of the formal apparatus. Formal philosophy merges work in different areas of philosophy as well as logic, mathematics, computer science, linguistics, physics, psychology, biology, economics, political theory, and sociology. This title offers an accessible introduction to this new interdisciplinary research area to a wide academic audience.
Book Synopsis Operational Subjective Statistical Methods by : Frank Lad
Download or read book Operational Subjective Statistical Methods written by Frank Lad and published by Wiley-Interscience. This book was released on 1996-09-27 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The mathematical implications of personal beliefs and values in science and commerce Amid a worldwide resurgence of interest in subjectivist statistical method, this book offers a fresh look at the role of personal judgments in statistical analysis. Frank Lad demonstrates how philosophical attention to meaning provides a sensible assessment of the prospects and procedures of empirical inferential learning. Operational Subjective Statistical Methods offers a systematic investigation of Bruno de Finetti's theory of probability and logic of uncertainty, which recognizes probability as the measure of personal uncertainty at the heart of its mathematical presentation. It identifies de Finetti's "fundamental theorem of coherent provision" as the unifying structure of probabilistic logic, and highlights the judgment of exchangeability rather than causal independence as the key probabilistic component of statistical inference. Broad in scope, yet firmly grounded in mathematical detail, this text/reference Invites readers to address the subjective personalist meaning of probability as motivating the mathematical construction Contains numerous examples and problems, including computing problems using Matlab, assuming no background in Matlab Explains how to use the material in three distinct sequential courses in math and statistics, as well as in courses at the graduate level in applied fields Provides an introductory basis for understanding more complex structures of statistical analysis Complete with fifty illustrations, Operational Subjective Statistical Methods makes an intriguing discipline accessible to professionals, students, and the interested general reader. It contains a wealth of teaching and research material, and offers profound insight into the relationship between philosophy, faith, and scientific method.
Book Synopsis Rethinking the Good by : Larry S. Temkin
Download or read book Rethinking the Good written by Larry S. Temkin and published by Oxford University Press. This book was released on 2012-01-20 with total page 639 pages. Available in PDF, EPUB and Kindle. Book excerpt: In choosing between moral alternatives -- choosing between various forms of ethical action -- we typically make calculations of the following kind: A is better than B; B is better than C; therefore A is better than C. These inferences use the principle of transitivity and are fundamental to many forms of practical and theoretical theorizing, not just in moral and ethical theory but in economics. Indeed they are so common as to be almost invisible. What Larry Temkin's book shows is that, shockingly, if we want to continue making plausible judgments, we cannot continue to make these assumptions. Temkin shows that we are committed to various moral ideals that are, surprisingly, fundamentally incompatible with the idea that "better than" can be transitive. His book develops many examples where value judgments that we accept and find attractive, are incompatible with transitivity. While this might seem to leave two options -- reject transitivity, or reject some of our normative commitments in order to keep it -- Temkin is neutral on which path to follow, only making the case that a choice is necessary, and that the cost either way will be high. Temkin's book is a very original and deeply unsettling work of skeptical philosophy that mounts an important new challenge to contemporary ethics.
Book Synopsis Rationality and Dynamic Choice by : Edward F. McClennen
Download or read book Rationality and Dynamic Choice written by Edward F. McClennen and published by Cambridge University Press. This book was released on 1990-05-25 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this major contribution to the theory of rational choice the author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However there is potential conflict among these conditions, and when they are weakened to avoid it, the usual foundations of rational choice no longer prevail. The thrust of the argument is to suggest that the theory of rational choice is less determinate than many suppose.
Download or read book Making Money written by Christine Desan and published by Oxford University Press, USA. This book was released on 2014 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this revisionist history of the development of the modern monetary system, Desan argues that money effectively creates economic activity rather than emerging from it. Her account demonstrates that money's design has been a project central to governance and formative to markets.
Book Synopsis Risk and Rationality by : Lara Buchak
Download or read book Risk and Rationality written by Lara Buchak and published by . This book was released on 2013-11 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view (expected utility theory) is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.
Book Synopsis Economic Theory and Cognitive Science by : Don Ross
Download or read book Economic Theory and Cognitive Science written by Don Ross and published by MIT Press. This book was released on 2005 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hilariously funny cookbook–cum–how–I–did–it memoir by the chef/restaurateur who created New York's dazzling Ápizz restaurant. At the age of thirty–seven, John LaFemina left a lucrative career as a jeweler to become a chef. Instead of going back to school, or getting on–the–job training, he did it the hard way: he bought the restaurant and then taught himself to cook. Today he owns two of New York's great Italian restaurants–Ápizz and Peasant–and is one of the city's most–talked–about chefs, earning rave reviews from fans and critics. In this gorgeous cookbook, he not only shares scores of recipes, but describes his life as a Canarsie boy learning about meatballs and macaroni in his mother's kitchen–and reveals how he drew on a lifetime of Italian cooking, and his own hard work and exquisite taste to create his dream restaurant from scratch. LaFemina takes us step–by–step through the process of finding the perfect location (and figuring out how many meatballs you have to sell to pay the rent), designing a restaurant, procuring all the necessary permits and licenses, and creating the menu. And this is just the first part of running a restaurant. He shares his experiences in dealing with the public and the press, unexpected disasters, and finally, basking in the glory of a popular restaurant. Along with his inspiring story, John LaFemina also shares 100 mouthwatering recipes, including: Lasagna with Braised Wild Boar Mushroom Risotto Veal, Beef, and Pork Meatballs with Ricotta Filling Open Ravioli with Roasted Butternut Squash Creamsicle Panna Cotta Chocolate Banana Bread Pudding
Book Synopsis Choosing Well by : Chrisoula Andreou
Download or read book Choosing Well written by Chrisoula Andreou and published by Oxford University Press. This book was released on 2023-01-24 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book focuses on the challenges associated with effective choice over time. In particular, it considers the challenges raised by cyclic preferences and by incomplete preferences, both of which interfere with the agent's neatly ordering her options, and which make the agent susceptible to self-defeating patterns of choice in which the agent is drawn into taking each of a series of steps that collectively lead her to a result that she deems unacceptable. The book's guiding questions are the following: What is an agent to do if she finds herself with cyclic preferences or with incomplete preferences? Is an agent or group of agents with such preferences necessarily irrational? It is argued that the answer to the latter question is "no"; rationality does not invariably prohibit disorderly preferences, but it does (to get back to the first question) prompt us to proceed with caution and with a readiness to show restraint, based on an awareness of larger dynamics, when our preferences are disorderly. Theories of rational choice often dismiss or abstract away from the sorts of disorderly preferences at issue here. They assume that rational agents can and should have neat preferences over their options; but this assumption is problematic. Rationality can validate certain disorderly preference structures while also protecting us from self-defeating patterns of choice. Rationality can thus handle quite a lot of messiness, which is important, since rationality wouldn't be all that helpful if, whenever messiness threatened, we could not turn to it for guidance"--
Book Synopsis The Authority of Reason by : Jean E. Hampton
Download or read book The Authority of Reason written by Jean E. Hampton and published by Cambridge University Press. This book was released on 1998-02-28 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This challenging and provocative book argues against much contemporary orthodoxy in philosophy and the social sciences by showing why objectivity in the domain of ethics is really no different from the objectivity of scientific knowledge. Many philosophers and social scientists have challenged the idea that we act for objectively authoritative reasons. Jean Hampton takes up the challenge by undermining two central assumptions of this contemporary orthodoxy: that one can understand instrumental reasons without appeal to objective authority, and that the adoption of the scientific world view requires no such appeal. In the course of the book Jean Hampton examines moral realism, the general nature of reason and norms, internalism and externalism, instrumental reasoning, and the expected utility model of practical reasoning. The book is sure to prove to be a seminal work in the theory of rationality that will be read by a broad swathe of philosophers and social scientists.
Book Synopsis Revealed Preference Theory by : Christopher P. Chambers
Download or read book Revealed Preference Theory written by Christopher P. Chambers and published by Cambridge University Press. This book was released on 2016-01-05 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Book Synopsis Fundamentals of Bayesian Epistemology 2 by : Michael G. Titelbaum
Download or read book Fundamentals of Bayesian Epistemology 2 written by Michael G. Titelbaum and published by Oxford University Press. This book was released on 2022 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Fundamentals of Bayesian Epistemology' provides an accessible introduction to the key concepts and principles of the Bayesian formalism. Volume 2 introduces applications of Bayesianism to confirmation and decision theory, then gives a critical survey of arguments for and challenges to Bayesian epistemology.--
Book Synopsis Preferences and Well-Being by : Serena Olsaretti
Download or read book Preferences and Well-Being written by Serena Olsaretti and published by Cambridge University Press. This book was released on 2006-10-23 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preferences are often thought to be relevant for well-being: respecting preferences, or satisfying them, contributes in some way to making people's lives go well for them. A crucial assumption that accompanies this conviction is that there is a normative standard that allows us to discriminate between preferences that do, and those that do not, contribute to well-being. The papers collected in this volume, written by moral philosophers and philosophers of economics, explore a number of central issues concerning the formulation of such a normative standard. They examine what a defensible account of how preferences should be formed for them to contribute to well-being should look like; whether preferences are subject to requirements of rationality and what reasons we have to prefer certain things over others; and what the significance is, if any, of preferences that are arational or not conducive to well-being.
Book Synopsis An Introduction to Decision Theory by : Martin Peterson
Download or read book An Introduction to Decision Theory written by Martin Peterson and published by Cambridge University Press. This book was released on 2017-03-30 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now revised and updated, this introduction to decision theory is both accessible and comprehensive, covering topics including decision making under ignorance and risk, the foundations of utility theory, the debate over subjective and objective probability, Bayesianism, causal decision theory, game theory, and social choice theory. No mathematical skills are assumed, with all concepts and results explained in non-technical and intuitive as well as more formal ways. There are now over 140 exercises with solutions, along with a glossary of key terms and concepts. This second edition includes a new chapter on risk aversion as well as updated discussions of numerous central ideas, including Newcomb's problem, prisoner's dilemmas, and Arrow's impossibility theorem. The book will appeal particularly to philosophy students but also to readers in a range of disciplines, from computer science and psychology to economics and political science.
Book Synopsis Rational Powers in Action by : Sergio Tenenbaum
Download or read book Rational Powers in Action written by Sergio Tenenbaum and published by Oxford University Press. This book was released on 2020-11-05 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human actions unfold over time, in pursuit of ends that are not fully specified in advance. Rational Powers in Action locates these features of the human condition at the heart of a new theory of instrumental rationality. Where many theories of rational agency focus on instantaneous choices between sharply defined outcomes, treating the temporally extended and partially open-ended character of action as an afterthought, this book argues that the deep structure of instrumental rationality can only be understood if we see how it governs the pursuit of long-term, indeterminate ends. These are ends that cannot be realized through a single momentary action, and whose content leaves partly open what counts as realizing the end. Sergio Tenenbaum argues that we need to focus on temporal duration and the indeterminacy of ends in intentional action, even to explain the rational governance of relatively simple actions. Theories of moment-by-moment preference maximization, or indeed any understanding of instrumental rationality on the basis of momentary mental items, cannot capture the fundamental structure of our instrumentally rational capacities. Tenenbaum provides a new theory of instrumental rationality as rationality in action.
Book Synopsis Risk: Philosophical Perspectives by : Tim Lewens
Download or read book Risk: Philosophical Perspectives written by Tim Lewens and published by Routledge. This book was released on 2007-05-17 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars explore what it means to make decisions which affect ourselves, our immediate families, entire generations or ecosystems. This collection explores the full range of philosophical implications of risk.
Book Synopsis Preference Change by : Till Grüne-Yanoff
Download or read book Preference Change written by Till Grüne-Yanoff and published by Springer Science & Business Media. This book was released on 2009-06-11 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changing preferencesis a phenomenonoften invoked but rarely properlyaccounted for. Throughout the history of the social sciences, researchers have come against the possibility that their subjects’ preferenceswere affected by the phenomenato be explainedor by otherfactorsnot taken into accountin the explanation.Sporadically, attempts have been made to systematically investigate these in uences, but none of these seems to have had a lasting impact. Today we are still not much further with respect to preference change than we were at the middle of the last century. This anthology hopes to provide a new impulse for research into this important subject. In particular, we have chosen two routes to amplify this impulse. First, we stress the use of modellingtechniquesfamiliar from economicsand decision theory. Instead of constructing complex, all-encompassing theories of preference change, the authors of this volume start with very simple, formal accounts of some possible and hopefully plausible mechanism of preference change. Eventually, these models may nd their way into larger, empirically adequate theories, but at this stage, we think that the most importantwork lies in building structure.Secondly,we stress the importance of interdisciplinary exchange. Only by drawing together experts from different elds can the complex empirical and theoretical issues in the modelling of preference change be adequately investigated.
