Imprecise probabilistic beliefs as a context for decision-making under ambiguity
AbstractCoherent imprecise probabilistic beliefs are modeled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general "Likelihood Compatibility" axiom relating preferences and probabilistic beliefs and characterize its implications for the class of "invariant biseparable" preferences that includes the MEU and CEU models among others.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 144 (2009)
Issue (Month): 3 (May)
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Web page: http://www.elsevier.com/locate/inca/622869
Ambiguity Comparative likelihood Qualitative probability Multiple priors Probabilistic sophistication Probabilistic beliefs Unambiguous events;
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- Raphaël Giraud & Jean-Marc Tallon, 2009. "Are Beliefs a Matter of Taste ? A case for Objective Imprecise Information," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00442869, HAL.
- Raphaël Giraud & Jean-Marc Tallon, 2011. "Are beliefs a matter of taste? A case for Objective Imprecise Information," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00502781, HAL.
- Raphaël Giraud & Jean-Marc Tallon, 2009. "Are beliefs a matter of taste ? A case for objective imprecise information," Documents de travail du Centre d'Economie de la Sorbonne 09086, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
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