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On the Determination of Subjective Probability by Choices

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Author Info

  • Karni, E.
  • Mongin, P.

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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Bibliographic 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

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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.

Related research

Keywords: UTILITY FUNCTION ; CONSUMERS;

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Cited by:
  1. Hammond, Peter J, 2013. "Extending the Original Position : Revisiting the Pattanaik Critique of Vickrey/Harsanyi Utilitarianism," The Warwick Economics Research Paper Series (TWERPS) 1008, University of Warwick, Department of Economics.
  2. Hill, Brian, 2009. "When is there state independence?," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1119-1134, May.
  3. Karni, Edi, 2007. "Foundations of Bayesian theory," Journal of Economic Theory, Elsevier, vol. 132(1), pages 167-188, January.
  4. Grant, S. & Karni, E., 2002. "Why Does it Matter that Beliefs and Valuations be Correctly Represented?," Discussion Paper 2002-12, Tilburg University, Center for Economic Research.
  5. Mongin, Philippe, 2013. "La théorie de la décision et la psychologie du sens commun," Les Cahiers de Recherche 943, HEC Paris.
  6. 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).
  7. Grant, Simon & Karni, Edi, 2004. "A theory of quantifiable beliefs," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 515-546, August.
  8. Sadowski, Philipp, 2008. "Conditional Preference for Flexibility: Eliciting Beliefs from Behavior," MPRA Paper 8614, University Library of Munich, Germany.
  9. Hill, Brian, 2010. "An additively separable representation in the Savage framework," Journal of Economic Theory, Elsevier, vol. 145(5), pages 2044-2054, September.
  10. Robert Nau, 2001. "De Finetti was Right: Probability Does Not Exist," Theory and Decision, Springer, vol. 51(2), pages 89-124, December.
  11. Hill, Brian, 2007. "Living without state-independence of utilities," Les Cahiers de Recherche 874, HEC Paris.
  12. Giocoli, Nicola, 2011. "From Wald to Savage: homo economicus becomes a Bayesian statistician," MPRA Paper 34117, University Library of Munich, Germany.
  13. Hill, Brian, 2007. "Three analyses of sour grapes," Les Cahiers de Recherche 873, HEC Paris.

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