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Ceteris paribus preferences, rational farming effects, and the extensionality principle
1Department of Philosophy, The University of Hong Kong, Pok Fu Lam, Hong Kong jyflau@hku.hkhttp://philosophy.hku.hk/joelau.
Abstract:
Bermúdez argues for rational framing effects in the form of quasi-cyclical preferences. This is supposed to refute the extensionality principle in standard decision theory. In response, I argue that it is better to analyze seemingly quasi-cyclical preferences as ceteris paribus preferences. Furthermore, if frames are included as objects of choice, we can acknowledge rational framing effects without rejecting extensionality.
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