AbstractA 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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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1341.
Length: 13 pages
Date of creation: Dec 2001
Date of revision:
Publication status: Published in Theory and Decisions (2004), 56: 345-357
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Other versions of this item:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
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.:
- David Schmeidler, 2000.
"Utility in Case-Based Decision Theory,"
00-06, Ohio State University, Department of Economics.
- Gilboa,Itzhak & Schmeidler,David, 2001.
"A Theory of Case-Based Decisions,"
Cambridge University Press, number 9780521802345, April.
- 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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