In what is meant to be “a contribution of major importance to a unified theory of probability and utility” Jeffrey (The Logic of Decision) says about Bayesian decision theory that
Indeed, it is because logic and decision theory are woefully inadequate as descriptions that they are of interest as norms. (p.167)
Now, here’s a worry I presented yesterday in the seminar and that I’d like to present again, so that other people may consider it and that the ones that heard it can see why it’s worrisome. There are, at least, two questions the claim above prompts:
1) If theory T is woefully inadequate as a description of phenomena F, and yet it is meant to be a normative theory of F, couldn’t it be that it makes absurd demands about F?
2) If it is in virtue of theory T’s woeful descriptive inadequacy towards F that T is an interesting normative theory of F, wouldn’t it be the case that false descriptive theories turn out to be interesting normative theories?
Posted by Edú 