Choice Group Seminar by Richard Bradley (LSE): ‘Chance, Fairness and Dynamic Consistency’

Abstract: Discussion of the relationship between dynamic consistency and the Sure-thing principle has figured prominently in recent debate over the rationality of the kind of ambiguity aversion some display in the Ellsberg paradox; less so in the literature on the preference for fairness postulated by Diamond (1967). Yet both are instances of a preference for randomisation (respectively over events/states and over people) that is explicable in terms a legitimate concern for the distribution of the objective chances for some benefit or cost (amongst states and people). Likewise both kinds of preference seem to lead to dynamically inconsistent sequences of choices and to other putative pathologies, such an aversion to information. In this talk I argue that, for quite different reasons, these implications don’t support that claim that the attitudes to chances exhibited in the Ellsberg and Diamond preferences are irrational.

Richard Bradley is a Professor at the LSE Department of Philosophy, Logic and Scientific Method.

This event will take place in person on LSE’s campus. However, those unable to attend in person will have the option of taking part online.

To join online just follow these instructions:

• Download Zoom
• Zoom link for this for this meeting: https://lse.zoom.us/j/6613924533 

Please note that these events are routinely recorded, with the edited footage being made publicly available on our website and YouTube channel. We will only record the audio, the slides and the speaker and will not include the Q&A section. However, any question asked during the talk itself will feature in the final edit.