Risk's Place in Decision Rules


Paul Weirich

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Keywords: Risk, Decision, Expected utility.


Abstract
: Gärdenfors and Sahlin propose a new decision procedure to handle risk. Can traditional expected utility maximization also handle risk? Given a broad interpretation of an option's outcome, it can. Moreover, when an agent makes imprecise probability assignments, Good's method of applying expected utility principles can accommodate risk without mandating any particular attitude toward risk. Good's method responds to many of Gärdenfors and Sahlin's insights about risk without leaving the framework of traditional expected utility theory.


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Paul Weirich,
WeirichP@missouri.edu
Department of Philosophy
University of Missouri
439 General Classroom Building
Columbia, MO 65211

http://web.missouri.edu/~philwww/Weirich.html


Spinning Ideas, Electronic Essays
Dedicated to Peter Gärdenfors on His Fiftieth Birthday