AbstractA decision maker has to choose one of several random variables whose distributions are not known. As a Bayesian, she behaves as if she knew the distributions. In this paper we suggest an axiomatic derivation of these (subjective) distributions, which is more economical than the derivations by de Finetti or Savage. Whereas the latter derive the whole joint distribution of all the available random variables, our approach derives only the marginal distributions. Correspondingly, the preference questionnaire needed in our case is less smaller. Copyright Kluwer Academic Publishers 2004
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Bibliographic InfoArticle provided by Springer in its journal Theory and Decision.
Volume (Year): 56 (2004)
Issue (Month): 4 (01)
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Web page: http://www.springerlink.com/link.asp?id=100341
subjective probabilities; axiomatization; distributions;
Other versions of this item:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
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- David Schmeidler, 2000.
"Utility in Case-Based Decision Theory,"
00-06, Ohio State University, Department of Economics.
- Gilboa,Itzhak & Schmeidler,David, 2001.
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- Edi Karni, 2005.
"Subjective Expected Utility Theory without States of the World,"
Economics Working Paper Archive
523, The Johns Hopkins University,Department of Economics.
- Karni, Edi, 2006. "Subjective expected utility theory without states of the world," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 325-342, June.
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