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Added by: Jie Gao
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.Anderson, Elizabeth. Value in Ethics and Economics1993, Cambridge: Harvard University Press.-
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Added by: Rochelle DuFord
Summary: Elizabeth Anderson offers a new theory of value and rationality that rejects cost-benefit analysis in our social lives and in our ethical theories. This account of the plurality of values thus offers a new approach, beyond welfare economics and traditional theories of justice, for assessing the ethical limitations of the market. In this light, Anderson discusses several contemporary controversies involving the proper scope of the market, including commercial surrogate motherhood, privatization of public services, and the application of cost-benefit analysis to issues of environmental protection.Comment: This book as a whole would be an excellent addition to an upper level course on morals and markets. The last three chapters (7-9) cover a number of applied issues in economics and ethics. Chapter 8, "Is Women's Labor a Commodity" would be an especially good addition to a course on business ethics or biomedical ethics that discusses paid surrogacy.
Chang, Ruth. Incommensurability, incomparability, and practical reason – Introduction1997, Cambridge, MA.: Harvard University Press.-
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Added by: Simon Fokt
Back matter: Can quite different values be rationally weighed against one another? Can the value of one thing always be ranked as greater than, equal to, or less than the value of something else? If the answer to these questions is no, then in what areas do we find commensurability and comparability unavailable? And what are the implications for moral and legal decision making? This book struggles with these questions, and arrives at distinctly different answers.Comment: In the introduction to the book Chang distinguishes between commensurability and comparability and argues that things can be compared and a choice can be made between them even if there is no single unit of value according to which they can be measured. The text is particularly useful in teaching introductory modules to value theory, especially on issues related to weighing conflicting values and to moral scepticism. Although very comprehensive, it is a challenging piece however.
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Buchak, Lara. Risk and Rationality
2013, Oxford: Oxford University Press.
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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.