Technicalities: Under Possible Precisifications, 1 and 5 are not obviously different. I can interpret them differently, but I think you should clarify them. 2 is to 3 as 4 is to 1, so I suggest listing them in that order, and maybe adding an option that is to 3 as 5 is to 1.
Substance: I think you’re passing over a bigger target for criticism, the notion of “outcomes”. In general, agents can and do have preferences over decision processes themselves, as contrasted with the standard “outcomes” of most literature like winning or losing money or objects. For example, I can be “money pumped” in the following manner. Sell me a used luxury sedan on Monday for $10k. Trade me a Harley Davidson on Tuesday for the sedan plus my $5. Trade me a sports car on Wednesday for the Harley plus $5. Buy the sports car from me on Thursday for $9995. Oh no, I lost $15 on the total deal! Except: I got to drive, or even just admire, these different vehicles in the meantime.
If all processes and activities are fair game for rational preferences, then agents can have preferences over the riskiness of decisions, the complexity of the decision algorithm, and a host of other features that make it much more individually variable which approach is “best”.
Technicalities: Under Possible Precisifications, 1 and 5 are not obviously different. I can interpret them differently, but I think you should clarify them. 2 is to 3 as 4 is to 1, so I suggest listing them in that order, and maybe adding an option that is to 3 as 5 is to 1.
Substance: I think you’re passing over a bigger target for criticism, the notion of “outcomes”. In general, agents can and do have preferences over decision processes themselves, as contrasted with the standard “outcomes” of most literature like winning or losing money or objects. For example, I can be “money pumped” in the following manner. Sell me a used luxury sedan on Monday for $10k. Trade me a Harley Davidson on Tuesday for the sedan plus my $5. Trade me a sports car on Wednesday for the Harley plus $5. Buy the sports car from me on Thursday for $9995. Oh no, I lost $15 on the total deal! Except: I got to drive, or even just admire, these different vehicles in the meantime.
If all processes and activities are fair game for rational preferences, then agents can have preferences over the riskiness of decisions, the complexity of the decision algorithm, and a host of other features that make it much more individually variable which approach is “best”.