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Among recent objections to Pascal's Wager, two are especially compelling. The first is that decision theory, and specifically the requirement of maximizing expected utility, is incompatible with infinite utility values. The second is that even if infinite utility values are admitted, the argument of the Wager is invalid provided that we allow mixed strategies. Furthermore, Hájek (Philosophical Review 112, 2003) has shown that reformulations of Pascal's Wager that address these criticisms inevitably lead to arguments that are philosophically unsatisfying and historically unfaithful. Both the objections and Hájek's philosophical worries disappear, however, if we represent our preferences using relative utilities (generalized utility ratios) rather than a one-place utility function. Relative utilities provide a conservative way to make sense of infinite value that preserves the familiar equation of rationality with the maximization of expected utility. They also provide a means of investigating a broader class of problems related to the Wager.

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JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.. Carter and Leslie (1996) have argued, using Bayes's theorem, that our being alive now supports the hypothesis of an early 'Doomsday'. Unlike some critics (Eckhardt 1997), we accept their argument in part: given that we exist, our existence now indeed favors 'Doom sooner' over 'Doom later'. The very fact of our existence, however, favors 'Doom later'. In simple cases, a hypothetical approach to the problem of 'old evidence' shows that these two effects cancel out: our existence now yields no information about the coming of Doom. More complex cases suggest a move from countably additive to non-standard probability measures. The University of Chicago Press