Abstract
Abstract Orthodox decision theory is fanatical in the way it treats small probabilities of enormous value, if unbounded utility functions are allowed. Some have suggested a fix, Nicolausian discounting, according to which outcomes with small enough probabilities should be ignored when making decisions. However, there are lotteries involving only small-probability outcomes, none of which should intuitively be ignored. So the Nicolausian discounter needs a procedure for distinguishing the problematic cases of small-probability outcomes from the unproblematic ones. In this paper, I present a dilemma for Nicolausian discounting: the view must be coupled either with a procedure that delivers fanatical verdicts of its own, as bad as those of orthodox decision theory, or with one that entails intransitive cyclic preferences.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
