Good Questions

2018 ◽  
Author(s):  
Alejandro Pérez Carballo
Keyword(s):  
North Dakota ◽  
Utility Theory ◽  
Utility Functions ◽  
Epistemic Norms ◽  
Degrees Of Belief ◽  
Epistemic Utility ◽  
Epistemic States ◽  
Intuitive Idea ◽  
Do So

Pérez Carballo adopts an epistemic utility theory picture of epistemic norms where epistemic utility functions measure the value of degrees of belief, and rationality consists in maximizing expected epistemic utility. Within this framework he seeks to show that we can make sense of the intuitive idea that some true beliefs—say true beliefs about botany—are more valuable than other true beliefs—say true beliefs about the precise number of plants in North Dakota. To do so, however, Pérez Carballo argues that we must think of the value of epistemic states as consisting in more than simply accuracy. This sheds light on which questions it is most epistemically valuable to pursue.

scholarly journals Can All-Accuracy Accounts Justify Evidential Norms?

2018 ◽  
Author(s):  
Christopher J. G. Meacham
Keyword(s):  
Utility Theory ◽  
Utility Functions ◽  
Epistemic Norms ◽  
Degrees Of Belief ◽  
Epistemic Utility

Meacham takes aim at the epistemic utility theory picture of epistemic norms where epistemic utility functions measure the value of degrees of belief and where the norms encode ways of adopting non-dominated degrees of belief. He focuses on a particularly popular subclass of such views where epistemic utility is determined solely by the accuracy of degrees of belief. Meacham argues that these types of epistemic utility arguments for norms are (i) not compatible with each other (so not all can be correct), (ii) do not solely rely on accuracy considerations, and (iii) are not able to capture intuitive norms about how we ought to respond to evidence.

scholarly journals A Problem for Credal Consequentialism

2018 ◽  
Author(s):  
Michael Caie
Keyword(s):  
Utility Theory ◽  
Utility Functions ◽  
Epistemic Norms ◽  
Degrees Of Belief ◽  
Utility Values ◽  
Epistemic Utility ◽  
Trade Offs

Caie focuses on an epistemic utility theory picture of epistemic norms where epistemic utility functions measure the value of degrees of belief, and rationality consists in maximizing expected epistemic utility. Caie argues that in a wide variety of cases this view says that all degreed beliefs are rational, or none are, or it issues no verdicts. This is, roughly, because an agent’s degrees of beliefs will often not encode the appropriate dependence hypotheses that are needed so that various beliefs have expected epistemic utility values. Caie thus argues the unintuitive verdicts of epistemic utility theory are not limited to the byzantine examples of epistemic trade-offs, but are much more widespread.

Accuracy, Ratification, and the Scope of Epistemic Consequentialism

2018 ◽  
Author(s):  
James M. Joyce
Keyword(s):  
Utility Theory ◽  
Epistemic Value ◽  
Healthy Patient ◽  
Degrees Of Belief ◽  
Trade Off ◽  
Epistemic Utility ◽  
Trade Offs ◽  
Epistemic Consequentialism ◽  
Wrong Action

Joyce focuses on trade-off objections to epistemic consequentialism. Such objections are similar to familiar objections from ethics where an intuitively wrong action (e.g., killing a healthy patient) leads to a net gain in value (e.g., saving five other patients). The objection to the epistemic consequentialist concerns cases where adopting an intuitively wrong belief leads to a net gain in epistemic value. Joyce defends the epistemic consequentialist against such objections by denying that his version of epistemic utility theory is properly thought of as a species of epistemic consequentialism, and given this, does not condone the problematic trade-offs. His argument turns on distinguishing between treating degrees of belief as final ends and treating them as a basis for estimation.

scholarly journals A Multiobjective Decision-Making Model for Risk-Based Maintenance Scheduling of Railway Earthworks

2021 ◽  
Vol 11 (3) ◽  
pp. 965
Author(s):  
Irina Stipanovic ◽  
Zaharah Allah Bukhsh ◽  
Cormac Reale ◽  
Kenneth Gavin
Keyword(s):  
Utility Theory ◽  
Structural Reliability ◽  
Structural Performance ◽  
Maintenance Planning ◽  
Relative Importance ◽  
User Cost ◽  
Multi Attribute Utility Theory ◽  
Network Maintenance ◽  
Decision Making Model ◽  
Do So

Aged earthworks constitute a major proportion of European rail infrastructures, the replacement and remediation of which poses a serious problem. Considering the scale of the networks involved, it is infeasible both in terms of track downtime and money to replace all of these assets. It is, therefore, imperative to develop a rational means of managing slope infrastructure to determine the best use of available resources and plan maintenance in order of criticality. To do so, it is necessary to not just consider the structural performance of the asset but also to consider the safety and security of its users, the socioeconomic impact of remediation/failure and the relative importance of the asset to the network. This paper addresses this by looking at maintenance planning on a network level using multi-attribute utility theory (MAUT). MAUT is a methodology that allows one to balance the priorities of different objectives in a harmonious fashion allowing for a holistic means of ranking assets and, subsequently, a rational means of investing in maintenance. In this situation, three different attributes are considered when examining the utility of different maintenance options, namely availability (the user cost), economy (the financial implications) and structural reliability (the structural performance and subsequent safety of the structure). The main impact of this paper is to showcase that network maintenance planning can be carried out proactively in a manner that is balanced against the needs of the organization.

scholarly journals Idiosyncratic volatility, option-based measures of informed trading, and investor attention

2021 ◽  
Author(s):  
Hannes Mohrschladt ◽  
Judith C. Schneider
Keyword(s):  
Stock Returns ◽  
Idiosyncratic Volatility ◽  
Investor Attention ◽  
Intuitive Idea ◽  
Joint Examination ◽  
Stock Market Investors ◽  
Private Investors ◽  
High Level ◽  
Do So ◽  
Option Market

AbstractWe establish a direct link between sophisticated investors in the option market, private stock market investors, and the idiosyncratic volatility (IVol) puzzle. To do so, we employ three option-based volatility spreads and attention data from Google Trends. In line with the IVol puzzle, the volatility spreads indicate that sophisticated investors indeed consider high-IVol stocks as being overvalued. Moreover, the option measures help to distinguish overpriced from fairly priced high-IVol stocks. Thus, these measures are able to predict the IVol puzzle’s magnitude in the cross-section of stock returns. Further, we link the origin of the IVol puzzle to the trading activity of irrational private investors as the return predictability only exists among stocks that receive a high level of private investor attention. Overall, our joint examination of option and stock markets sheds light on the behavior of different investor groups and their contribution to the IVol puzzle. Thereby, our analyses support the intuitive idea that noise trading leads to mispricing, which is identified by sophisticated investors and exploited in the option market.

Housing Market Search Behavior and Expected Utility Theory: 1. Measuring Preferences for Housing

1982 ◽  
Vol 14 (5) ◽  
pp. 681-698 ◽  
Author(s):  
T R Smith ◽  
W A V Clark
Keyword(s):  
Los Angeles ◽  
Housing Market ◽  
Expected Utility ◽  
Utility Theory ◽  
House Price ◽  
Expected Utility Theory ◽  
Utility Functions ◽  
Future Search ◽  
Space Construction ◽  
Market Search

This is the first of two papers examining housing market search in a Los Angeles market. In this paper, we derive and analyze utility functions for housing for each individual in two groups of subjects. The utility functions are derived from an experimental setting, in which house price, floor space, construction quality, and neighborhood quality are varied. The functions are found to be essentially compatible with a linear model. They are used to predict the ratings of real houses and the ratings of the expected value of future search. These ratings are compared with actual ratings obtained from subjects during search. The results suggest that the actual or predicted ratings may be employed in a direct test of a simple expected utility theory of search, and further research along these lines appears justified.

PHOTOGRAPHICALLY BASED KNOWLEDGE

Episteme ◽  
2013 ◽  
Vol 10 (3) ◽  
pp. 283-297 ◽  
Author(s):  
Dan Cavedon-Taylor
Keyword(s):  
Pictorial Representation ◽  
Perceptual Knowledge ◽  
Testimonial Knowledge ◽  
Epistemic Utility ◽  
Sources Of Knowledge ◽  
Novel Approach ◽  
Aesthetic Pleasure ◽  
Foundational Issue ◽  
Do So

AbstractPictures are a quintessential source of aesthetic pleasure. This makes it easy to forget that they are epistemically valuable no less than they are aesthetically so. Pictures are representations. As such, they may furnish us with knowledge of the objects they represent. In this article I provide an account of why photographs are of greater epistemic utility than handmade pictures. To do so, I use a novel approach: I seek to illuminate the epistemic utility of photographs by situating both photographs and handmade pictures among the sources of knowledge. This method yields an account of photography's epistemic utility that better connects the issue with related issues in epistemology and is relatively superior to other accounts. Moreover, it answers a foundational issue in the epistemology of pictorial representation: ‘What kinds of knowledge do pictures furnish?’ I argue that photographs have greater epistemic utility than handmade pictures because photographs are sources of perceptual knowledge, while handmade pictures are sources of testimonial knowledge.

scholarly journals Comparing utility functions between risky and riskless choice in rhesus monkeys

2021 ◽  
Author(s):  
Philipe M. Bujold ◽  
Simone Ferrari-Toniolo ◽  
Leo Chi U Seak ◽  
Wolfram Schultz
Keyword(s):  
Utility Function ◽  
Utility Theory ◽  
Utility Maximization ◽  
Choice Behavior ◽  
Expected Utility Theory ◽  
Utility Functions ◽  
Random Utility Maximization ◽  
Risky Choices ◽  
Neuronal Mechanisms ◽  
Subjective Value

AbstractDecisions can be risky or riskless, depending on the outcomes of the choice. Expected Utility Theory describes risky choices as a utility maximization process: we choose the option with the highest subjective value (utility), which we compute considering both the option’s value and its associated risk. According to the random utility maximization framework, riskless choices could also be based on a utility measure. Neuronal mechanisms of utility-based choice may thus be common to both risky and riskless choices. This assumption would require the existence of a utility function that accounts for both risky and riskless decisions. Here, we investigated whether the choice behavior of macaque monkeys in riskless and risky decisions could be described by a common underlying utility function. We found that the utility functions elicited in the two choice scenarios were different from each other, even after taking into account the contribution of subjective probability weighting. Our results suggest that distinct utility representations exist for riskless and risky choices, which could reflect distinct neuronal representations of the utility quantities, or distinct brain mechanisms for risky and riskless choices. The different utility functions should be taken into account in neuronal investigations of utility-based choice.

Unbounded Utility Functions in Expected Utility Theory

1976 ◽  
Vol 90 (1) ◽  
pp. 163 ◽  
Author(s):  
Peter C. Fishburn
Keyword(s):  
Expected Utility ◽  
Utility Theory ◽  
Expected Utility Theory ◽  
Utility Functions

The Rise of the Anti-Abortion Movement in North Dakota and the Defeat of the 1972 Initiative to Liberalize State Abortion Laws

2021 ◽  
Vol 33 (3) ◽  
pp. 256-286
Author(s):  
NICHOLAS BAUROTH
Keyword(s):  
North Dakota ◽  
The Other ◽  
Right To Life ◽  
Abortion Laws ◽  
Catholic Churches ◽  
Do So

AbstractThe 1972 abortion-initiative campaign in North Dakota provides an example where elites on one side of an issue were able to provide cues and get supporters to participate in an election while the other side was unable to do so. North Dakota Right to Life through the formation of branch chapters and its work with the Catholic churches became the focus of the anti-initiative campaign. Flush with resources, the NDRL made sure that its supporters turned out to such an extent that initiative voters outnumbered presidential voters in most counties. While the pro-initiative elements proved effective at getting the question on the ballot, they were unable to get their message out, let alone galvanize supporters. The result was confusion among potential supports and lower turnout rates in the most populous counties.

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