UNACCEPTABLE RISKS AND THE CONTINUITY AXIOM
نویسندگان
چکیده
منابع مشابه
Unacceptable Risks and the Continuity Axiom
Consider a sequence of outcomes of descending value, A > B > C > ... > Z. According to Larry Temkin, there are reasons to deny the continuity axiom in certain ‘extreme’ cases, i.e. cases of triplets of outcomes A, B and Z, where A and B differ little in value, but B and Z differ greatly. But, Temkin argues, if we assume continuity for ‘easy’ cases, i.e. cases where the loss is small, we can der...
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Consider a transitive value ordering of outcomes and lotteries on outcomes, which satisfies substitutivity of equivalents and obeys “continuity for easy cases,” i.e., allows compensating risks of small losses by chances of small improvements. Temkin (2001) has argued that such an ordering must also – rather counter-intuitively – allow chances of small improvements to compensate risks of huge lo...
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ژورنال
عنوان ژورنال: Economics and Philosophy
سال: 2012
ISSN: 0266-2671,1474-0028
DOI: 10.1017/s0266267112000107