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On the Representation of Beliefs by Probabilities

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Author Info
 Karni, Edi

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Abstract

This paper explores two axiomatic structures of subjective expected utility assuming a finite state-space and state-dependent, connected, topological outcome-spaces. Building on the work of Karni and Schmeidler (1981) the analytical framework includes, in addition to the preference relation on acts, introspective preferences on hypothetical lotteries that are linked to the preference relation on acts by consistency axioms. The two models accommodate state-dependent preferences and yield subjective probabilities that correctly represent the decision-maker's beliefs. State-independent preferences are a special case. Copyright 2003 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 26 (2003)
Issue (Month): 1 (January)
Pages: 17-38
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Handle: RePEc:kap:jrisku:v:26:y:2003:i:1:p:17-38

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  1. Edi Karni, 2007. "Bayesian Decision Theory and the Representation of Beliefs," Levine's Bibliography 321307000000000776, UCLA Department of Economics. [Downloadable!]
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  2. Grant, S. & Karni, E., 2002. "Why does it matter that beliefs and valuations be correctly represented?," Discussion Paper 12, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Edi Karni, 2008. "Agency theory: choice-based foundations of the parametrized distribution formulation," Economic Theory, Springer, vol. 36(3), pages 337-351, September. [Downloadable!] (restricted)
  4. Edi Karni, 2005. "Foundations of Bayesian Theory," Economics Working Paper Archive 524, The Johns Hopkins University,Department of Economics. [Downloadable!]
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This page was last updated on 2009-11-7.

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