Utility and framing |
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Authors: | Paul Weirich |
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Institution: | (1) Department of Philosophy, University of Missouri, Columbia, MO 65211, USA |
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Abstract: | Standard principles of rational decision assume that an option’s utility is both comprehensive and accessible. These features
constrain interpretations of an option’s utility. This essay presents a way of understanding utility and laws of utility.
It explains the relation between an option’s utility and its outcome’s utility and argues that an option’s utility is relative
to a specification of the option. Utility’s relativity explains how a decision problem’s framing affects an option’s utility
and its rationality even for an agent who is cognitively perfect and lacks only empirical information. The essay rewrites
standard laws of utility to accommodate relativization to propositions’ specifications. The new laws are generalizations of
the standard laws and yield them as special cases. |
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