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Buchak, Lara, and . Risk and Rationality

2013, Oxford: Oxford University Press.

Publisher’s Note: Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.

Comment: This book argues for an alternative account of ideal rationality as opposed to the orthodox view in terms of expected utility theory. Buchak manages to explain the technical details of her theory in such a non-technical way that any student of philosophy will be able to follow her discussion. The book moreover contains very interesting passages on what we might call "the philosophy of decision theory", such as metaphysical and epistemological issues concerning utilities and probabilities. This makes it a good teaching material for courses on decision theory and philosophy of action.