De Finetti Meets Ellsberg
AbstractThe paper outlines an exchangeable non-Bayesian model of preference generalizing the Savage/de Finetti classic model of subjective expected utility preference with an exchangeable prior. The treatment is informal, and the emphasis is on motivation and potential applications rather than on axiomatic foundations and technical details. The objective is to provide a widely accessible introduction to research that is reported in detail elsewhere.
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Bibliographic InfoPaper provided by CIRANO in its series CIRANO Working Papers with number 2013s-35.
Date of creation: 01 Sep 2013
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Savage/de Finetti classic model; Ellsberg Paradox;
Other versions of this item:
- NEP-ALL-2014-04-18 (All new papers)
- NEP-MIC-2014-04-18 (Microeconomics)
- NEP-UPT-2014-04-18 (Utility Models & Prospect Theory)
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