Itzhak Gilboa () (Department of Economic, Tel-Aviv University) Andrew Postlewaite () (Department of Economics, University of Pennsylvania) David Schmeidler () (Department of Economics, Ohio State University)
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Economic modeling assumes, for the most part, that agents are Bayesian, that is, that they entertain probabilistic beliefs, objective or subjective, regarding any event in question. We argue that the formation of such beliefs calls for a deeper examination and for explicit modeling. Models of belief formation may enhance our understanding of the probabilistic beliefs when these exist, and may also help up characterize situations in which entertaining such beliefs is neither realistic nor necessarily rational.
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number
08-002.
Find related papers by JEL classification: B4 - Schools of Economic Thought and Methodology - - Economic Methodology D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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