2022•Oxford University Press eBooksRequires access
Decision Theory
Michael G. Titelbaum
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Abstract
This chapter begins by introducing the notions of mathematical expectation and utility. Then we explain how expected utility theory connects preference rankings to credence and utilities. We develop Savage’s decision theory, Jeffrey’s evidential decision theory, and causal decision theory. Along the way, such problems as risk aversion, Allais’ paradox, and Newcomb’s problem are considered.