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Publication - Professor Richard Pettigrew

    Risk, rationality and expected utility theory

    Citation

    Pettigrew, R, 2016, ‘Risk, rationality and expected utility theory’. Canadian Journal of Philosophy, vol 45., pp. 798-826

    Abstract

    There are decision problems where the preferences that seem rational to many people cannot be accommodated within orthodox decision theory in the natural way. In response, a number of alternatives to the orthodoxy have been proposed. In this paper, I offer an argument against those alternatives and in favour of the orthodoxy. I focus on preferences that seem to encode sensitivity to risk. And I focus on the alternative to the orthodoxy proposed by Lara Buchaks risk-weighted expected utility theory. I will show that the orthodoxy can be made to accommodate all of the preferences that Buchaks theory can accommodate.

    Full details in the University publications repository