I'm not convinced there are things that are objectively valuable. I'm of the belief that if there are no agents to value something, then that something has effectively no value.
The second sentence doesn't follow from the first. If rational agents converge on their values, that is objective enough. Analogy: one can accept that mathematical truth is objective (mathematicians will converge) without being a Platonists (mathematical truths have an existence separate from humans)
Without objective values, it might just be a matter of testing different sets of terminal subjective values, until we find the optimum (an hopefully don't get trapped in a local maximum).
I fin d that hard to follow. If the test i rationally justifiable, and leads to the uniform results, how is that not objective? You seem to be using "objective" (having a truth value independent of individual humans) to mean what I would mean by "real" (having existence independent of humans).
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If we try to translate sentences involving "should" into descriptive sentences about the world, they will probably sound like "action A increases the value of utility function U". If I was a consistent utility maximizer, and U was my utility function, then believing such a statement would make me take action A. No further verbal convincing would be necessary.
Since we are not consistent utility maximizers, we run an approximate implementation of that mechanism which is vulnerable to verbal manipulation, often by sentences involving "should". So the murkiness in the meaning of "should" is proportional to the difference between us and utility maximizers. Does that make sense?
(It may or may not be productive to describe a person as a utility maximizer plus error. But I'm going with that because we have no better theory yet.)
I read
to mean (1:) "the utility function U increases in value from action A". Did you mean (2:) "under utility function U, action A increases (expected) value"? Or am I missing some distinction in terminology?
The alternative meaning (2) leads to "should" (much like "ought") being dependent on the utility function used. Normativity might suggest that we all share views on utility that have fundamental similarities. In my mind at least, the usual controversy over whether utility functions (and derivative moral claims, i.e., "should"s and "ought"s) can be objectively true, remains.
Edit: formatting.