Adam Morton

(1945 - 2020)

Decision making comes under pressure when the stakes are high and the information is imperfect. That is risk. Most of the risks can be most easily presented in terms of tensions between the recommendations of a simple theory and the complex reactions. The theory is the standard philosophers' and economists' account of rationality in the face of risk, in terms of expected utility, and the cases derive mostly from the intuitive sense many people have had that there is something wrong with the theory. This chapter aims to give a diagnosis of what underlies these intuitions. It also presents an extreme example bringing out one aspect of risk‐aversion. It further considers a family of related examples which bring out both the force of the EU rule and some of the problems with it. An appeal of EU lies in its connections with the intuitive 'grammar' of risk taking.

Family life and one's career are incomparable values for him/her. The whole topic of incomparability of desires is veiled in confusion and controversy. Some people deny that there are any incomparable desires. This chapter explains meaning of incomparability, discusses incomparability as a fact of life that many of the desires are incomparable, and also examines why incomparability makes an enormous difference to decision‐making what patterns of incomparability the desires exhibit. The first dimension of incomparability is depth: how much thought and how many comparisons with other wants the inability to choose will survive. Another dimension is generality, whether the incomparability concerns just individual wants or also the values that usually underlie them. The significance of some patterns of incomparability becomes clearer if one add another ingredient to the brew: the influence of beliefs on desires. The chapter considers an example to illustrate this influence.