A more robust definition of subjective probability
AbstractAlthough their goal is to separate a decision maker's underlying beliefs (their subjective probabilities of events) from their preferences (their attitudes toward risk), classic choice-theoretic derivations of subjective probability all rely upon some form of the Marschak-Samuelson "Independence Axiom" or the Savage "Sure-Thing Principle," which is equivalent to requiring that the decision maker's preferences over lotteries conform to the expected utility hypothesis. This paper presents a choice-theoretic derivation of subjective probability which satisfies the axioms of classical probability theory, but which neither assumes nor implies that the decision maker's preferences over lotteries necessarily conform to the expected utility hypothesis.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 365.
Date of creation: Jul 1991
Date of revision:
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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
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Subjective probability; Uncertainity; Subjective Uncertainity; Non- expected utility theory; Expected utility theory; Leonard J. Savage;
Other versions of this item:
- Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-80, July.
- Mark J. Machina & David Schmeidler, 1990. "A More Robust Definition of Subjective Probability," Discussion Paper Serie A 306, University of Bonn, Germany.
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