Decisions and Higher‐Order Knowledge

Abstract

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.

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