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Buchak’s risk-weighted expected utility considers not just the probability of an outcome, but also the probability of getting a strictly better outcome, when weighting the contribution that outcome gives to the evaluation of a gamble. It uses a risk-weighting function $R$ sending probabilities in $\left[ {0,1} \right]$ to decision weights $\left[ {0,1} \right]$. I adapt this to allow weights in any real interval. Finite intervals yield nothing new, but if the interval is infinite, then the resulting rule can incorporate maximin or maximax preferences (or both!) while still satisfying stochastic dominance. There are advantages to working with marginal risk-weighting, $R$’s derivative, $r$.
Decision makers are often faced with situations where they have several choices from which to select, and each will produce a different outcome based on an external event. There are several prescriptive strategies that can be implemented in such situations depending on the desired outcome.
The strategy of expected value will produce the highest long-term-average results when the situation is repeated many times. If the decision maker wishes only to have the opportunity for the highest payoff one time, no matter what the risk, the maximax strategy will make that possible. If the goal is to avoid the worst-case outcome, the maximin strategy will be best. With pairwise comparisons, inadmissible alternatives can be eliminated. By calculating the expected value of perfect information, the decision maker can determine the upward limit on what they should be willing to pay to know the future with certainty.
Rawls’s primary aim was to show that his two principles are superior to utilitarianism. Utilitarianism does not take individuals seriously, treating them as mere “container persons” in the “calculus of social interests.” Rawls emphasized that the original position was one of uncertainty, not mere risk. Harsanyi had earlier derived the utilitarian principle from an original position much like Rawls’s. The difference was that Rawls applied the maximin principle of choice under uncertainty, which picks the option having the least bad worst outcome. Harsanyi instead assumed the equiprobability of all outcomes and maximized expected utility. Rawls recognized that maximin is not a good choice strategy in general use, but argued that special features of the original position favored it over the equiprobability assumption. Chief among these are those that he argued establish the lexical priority of the equal basic liberties. In the 1999 revision of A Theory of Justice, Rawls recast the argument by appealing to two moral powers – a capacity to share a sense of justice and a capacity to choose and revise one’s life plan – and a highest-order interest in setting one’s own aims and in shaping the social world in which they must be pursued.
Blocked designs in functional magnetic resonance imaging (fMRI) are useful to localize functional brain areas. A blocked design consists of different blocks of trials of the same stimulus type and is characterized by three factors: the length of blocks, i.e., number of trials per blocks, the ordering of task and rest blocks, and the time between trials within one block. Optimal design theory was applied to find the optimal combination of these three design factors. Furthermore, different error structures were used within a general linear model for the analysis of fMRI data, and the maximin criterion was applied to find designs which are robust against misspecification of model parameters.
This paper proposes new grounds for the legal ambivalence about ‘bad character evidence’. It is suggested that errors based on such evidence are profoundly tragic in the Aristotelian sense: the defendant who previously committed crime is likely to reoffend; nevertheless, she beats the odds and refrains from further crime commission – only to then be falsely convicted based on the very odds she has almost heroically managed to beat. It is further proposed that the tragic nature of such false convictions might make them particularly unfair to the defendant. It is, however, submitted that the likelihood of errors based on such evidence is unknown and probably also unknowable. Accordingly, the maximin rule for decision in conditions of deep ignorance is applied, leading to the conclusion that exclusion is to be preferred.
How should a team allocate its players to achieve the optimal balance between offence and defence? By posing a simple territorial game between two teams, insight into this question is gained. The saddlepoint solution to the game is derived.
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