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On the Determination of Subjective Probability by Choices

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Author Info
Karni, E.
Mongin, P.

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Abstract

The paper explores the uniqueness properties of the subjective probabilities in two axiomatizations of state-dependent preferences. Karni, Schmeider and Vind's (KSV) system depends on selecting an arbitrary probability, ans as such, does not guarantee the uniqueness of the derived subjective probability. However, an axiom system initially due to Karni and Shmeider (KS) and further elaborated upon here does guarantee the desired uniqueness, as well as a useful property of "stability" of the derived solution.

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Publisher Info
Paper provided by Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. in its series Papers with number 9737.

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Length: 28 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:pnegmi:9737

Contact details of provider:
Postal: THEMA, Universite de Paris X-Nanterre, U.F.R. de science economiques, gestion, mathematiques et informatique, 200, avenue de la Republique 92001 Nanterre CEDEX.

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Related research
Keywords: UTILITY FUNCTION ; CONSUMERS;

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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  1. Robert Nau, 2001. "De Finetti was Right: Probability Does Not Exist," Theory and Decision, Springer, vol. 51(2), pages 89-124, December. [Downloadable!] (restricted)
  2. DREZE , Jacques H. & RUSTICHINI, Aldo, 2000. "State-dependent utility and decision theory," CORE Discussion Papers 2000007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  3. Brian, HILL, 2007. "When is there state independence?," Les Cahiers de Recherche 883, HEC Paris. [Downloadable!]
    Other versions:
  4. Sadowski, Philipp, 2008. "Conditional Preference for Flexibility: Eliciting Beliefs from Behavior," MPRA Paper 8614, University Library of Munich, Germany. [Downloadable!]
  5. Grant, S. & Karni, E., 2002. "Why does it matter that beliefs and valuations be correctly represented?," Discussion Paper 12, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  6. Hill, Brian, 2007. "Three analyses of sour grapes," Les Cahiers de Recherche 873, HEC Paris. [Downloadable!]
  7. Brian, HILL, 2007. "An additively separable representation in the Savage framework," Les Cahiers de Recherche 882, HEC Paris. [Downloadable!]
  8. Edi Karni, 2005. "Foundations of Bayesian Theory," Economics Working Paper Archive 524, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
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