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How to co-exist with nonexistent expectations

McCutcheon, Randall G. (2018) How to co-exist with nonexistent expectations. [Preprint]

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Abstract

We address the problem that gambles having undefined expectation pose for decision theory. Observing that to place a value on such a gamble exposes one to a finitary diachronic Dutch Book, we defend a variant of Mark Colyvan's ``Relative Expected Utility Theory'' ({\bf REUT}), noting that it has the property of never preferring a gamble $X$ to an identically distributed gamble $Y$. We demonstrate, however, that even {\bf REUT} subscribers succomb to diachronic incoherence should they assign infinite expectation to a gamble they actually confront. In a final section, we use basic principles of anthropic reasoning (as formulated by Brandon Carter) to
show why one needn't ever do so.


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Item Type: Preprint
Creators:
CreatorsEmailORCID
McCutcheon, Randall G.cutch17@yahoo.com0000-0002-5305-3662
Keywords: St. Petersburg Game, Pasadena Game, Relative Expectation Theory, Infinite Expectation
Subjects: General Issues > Decision Theory
Specific Sciences > Probability/Statistics
Depositing User: Dr. Randall G. McCutcheon
Date Deposited: 05 Oct 2018 14:23
Last Modified: 05 Oct 2018 14:23
Item ID: 15093
Subjects: General Issues > Decision Theory
Specific Sciences > Probability/Statistics
Date: 4 October 2018
URI: https://philsci-archive.pitt.edu/id/eprint/15093

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