I like a lot of this paper. I disagree with the extent and scope of your “personal hypothesis” in section 8. I just think that, as a matter of empirical fact, there usually is something we “really want”, or would want with more rationality and information. For most people facing your country vs city living decision, for example, I think that trying both lifestyles would lead to a clear winner (and not in a radically path-dependent way).
But I think you’ve got to be right at least to some extent—sometimes we have to create values, we can’t just discover them.
On VNM rationality, let me recommend the bookDecision Theory and Rationality by Bermúdez. He raises some similar worries as you, pointing out that decision theory is often offered as (a) a predictive tool, (b) a prescription (follow this recipe to make better decisions!), and/or (c) a normative theory. He then claims that the same theory can’t do all three; yet if it tries to make do with less than all three, that raises troubles too.
I like a lot of this paper. I disagree with the extent and scope of your “personal hypothesis” in section 8. I just think that, as a matter of empirical fact, there usually is something we “really want”, or would want with more rationality and information. For most people facing your country vs city living decision, for example, I think that trying both lifestyles would lead to a clear winner (and not in a radically path-dependent way).
But I think you’ve got to be right at least to some extent—sometimes we have to create values, we can’t just discover them.
On VNM rationality, let me recommend the book Decision Theory and Rationality by Bermúdez. He raises some similar worries as you, pointing out that decision theory is often offered as (a) a predictive tool, (b) a prescription (follow this recipe to make better decisions!), and/or (c) a normative theory. He then claims that the same theory can’t do all three; yet if it tries to make do with less than all three, that raises troubles too.
Thanks for the post.
Thanks for the recommendation!