Risk and Rationality

2015.03.14 : View this Review Online | View Recent NDPR Reviews Lara Buchak, Risk and Rationality, Oxford University Press, 2013, 260pp., $60.00 (hbk), ISBN 9780199672165. Reviewed by
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2015.03.14 : View this Review Online | View Recent NDPR Reviews Lara Buchak, Risk and Rationality, Oxford University Press, 2013, 260pp., $60.00 (hbk), ISBN 9780199672165. Reviewed by Rachael Briggs, Australian National University Among decision theorists, expected utility theory (EU theory henceforth) is the reigning orthodoxy. EU theory aims to give an account of ideal means-end rationality; it provides constraints that agents must satisfy to pursue their ends in a consistent way. This book challenges one of EU theory's central commitments: that ideal rationality is risk-neutral. Lara Buchak develops an alternative to EU theory that lets decision theorists model positive or negative attitudes toward risk. She presents her theory as a rival account of ideal rationality, rather than a descriptive account of human choice, or a complementary account of non-ideal rationality. EU theory says that an agent must choose the act with the highest expected utility. Where her act. . .

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News source: Notre Dame Philosophical Reviews // News

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