research articles : Revisiting Savage in a conditional world

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research articles : Revisiting Savage in a conditional world

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Paolo Ghirardato () (Division of the Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA)

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Paolo Ghirardato

Abstract

I present an axiomatization of subjective expected utility and Bayesian updating in a conditional decision problem. This result improves our understanding of the Bayesian standard from two perspectives: 1) it uses a set of axioms which are weak and intuitive; 2) it provides a formal proof to results on the relation between dynamic consistency, expected utility and Bayesian updating which have never been explicitly proved in a fully subjective framework.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 1 ()
Pages: 83-92
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Handle: RePEc:spr:joecth:v:20:y:2002:i:1:p:83-92

Note: Received: December 1, 2000; revised version: February 26, 2001
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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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