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Subjective Distributions

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Author Info

  • Itzhak Gilboa

    (Tel Aviv University)

  • David Schmeidler

    (Tel Aviv University)

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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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, 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:
Publication status: Published in Theory and Decisions (2004), 56: 345-357
Handle: RePEc:cwl:cwldpp:1341

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Related research

Keywords: Subjective probabilities; expected utility;

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References

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  1. Gilboa,Itzhak & Schmeidler,David, 2001. "A Theory of Case-Based Decisions," Cambridge Books, Cambridge University Press, number 9780521003117, 9.
  2. Gilboa, Itzhak & Schmeidler, David & Wakker, Peter P., 2002. "Utility in Case-Based Decision Theory," Journal of Economic Theory, Elsevier, vol. 105(2), pages 483-502, August.
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Cited by:
  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.

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