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Subjective Distributions

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Author Info
Itzhak Gilboa (Tel Aviv University)
David Schmeidler (Tel Aviv University)

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Abstract

A decision maker has to choose one of several random variables, with uncertainty known distributions. As a Bayesian she behaves as if she knew the distributions. In his paper we suggest an axiomatic derivation of these (subjective) distributions, which is much more economical than the derivations by de Finetti or Savage. They derive the whole joint distribution of all the available random variables.

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File URL: http://cowles.econ.yale.edu/P/cd/d13a/d1341.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1341.

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Length: 13 pages
Date of creation: Dec 2001
Date of revision:
Handle: RePEc:cwl:cwldpp:1341

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Related research
Keywords: Subjective probabilities; expected utility;

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Find related papers by JEL classification:
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Edi Karni, 2005. "Subjective Expected Utility Theory without States of the World," Economics Working Paper Archive 523, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
  2. Jacob Gyntelberg & Frank Hansen, 2004. "Expected utility theory with ”small worlds”," Discussion Papers 04-20, University of Copenhagen. Department of Economics, revised Jan 2005. [Downloadable!]
  3. Jacob Gyntelberg & Frank Hansen, 2004. "Expected Utility Theory with “Small Worlds”," FRU Working Papers 2004/04, University of Copenhagen. Department of Economics. Finance Research Unit. [Downloadable!]
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