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Decisions and Higher‐Order Knowledge
Author(s) -
Schulz Moritz
Publication year - 2017
Publication title -
noûs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.574
H-Index - 66
eISSN - 1468-0068
pISSN - 0029-4624
DOI - 10.1111/nous.12097
Subject(s) - undo , order (exchange) , computer science , mathematical economics , economics , finance , operating system
A knowledge‐based decision theory faces what has been called the prodigality problem (Greco, 2013): given that many propositions are assigned probability 1, agents will be inclined to risk everything when betting on propositions which are known. In order to undo probability 1 assignments in high risk situations, the paper develops a theory which systematically connects higher level goods with higher‐order knowledge.