Martin Peterson

(Author)

Non-Bayesian Decision Theory: Beliefs and Desires as Reasons for ActionPaperback, 18 November 2010

Non-Bayesian Decision Theory: Beliefs and Desires as Reasons for Action
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Part of Series
Theory and Decision Library A:
Print Length
170 pages
Language
English
Publisher
Springer
Date Published
18 Nov 2010
ISBN-10
9048179572
ISBN-13
9789048179572

Description

For quite some time, philosophers, economists, and statisticians have endorsed a view on rational choice known as Bayesianism. The work on this book has grown out of a feeling that the Bayesian view has come to dominate the academic com- nitytosuchanextentthatalternative, non-Bayesianpositionsareseldomextensively researched. Needless to say, I think this is a pity. Non-Bayesian positions deserve to be examined with much greater care, and the present work is an attempt to defend what I believe to be a coherent and reasonably detailed non-Bayesian account of decision theory. The main thesis I defend can be summarised as follows. Rational agents m- imise subjective expected utility, but contrary to what is claimed by Bayesians, ut- ity and subjective probability should not be de?ned in terms of preferences over uncertain prospects. On the contrary, rational decision makers need only consider preferences over certain outcomes. It will be shown that utility and probability fu- tions derived in a non-Bayesian manner can be used for generating preferences over uncertain prospects, that support the principle of maximising subjective expected utility. To some extent, this non-Bayesian view gives an account of what modern - cision theory could have been like, had decision theorists not entered the Bayesian path discovered by Ramsey, de Finetti, Savage, and others. I will not discuss all previous non-Bayesian positions presented in the literature

Product Details

Author:
Martin Peterson
Book Format:
Paperback
Country of Origin:
NL
Date Published:
18 November 2010
Dimensions:
23.39 x 15.6 x 0.97 cm
ISBN-10:
9048179572
ISBN-13:
9789048179572
Language:
English
Location:
Dordrecht
Pages:
170
Publisher:
Weight:
258.55 gm

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