A Joint Characterization of Belief Revision Rules
AbstractThis paper characterizes different belief revision rules in a unified framework: Bayesian revision upon learning some event, Jeffrey revision upon learning new probabilities of some events, Adams revision upon learning some new conditional probabilities, and `dual-Jeffrey' revision upon learning an entire new conditional probability function. Though seemingly different, these revision rules follow from the same two principles: responsiveness, which requires that revised beliefs be consistent with the learning experience, and conservativeness, which requires that those beliefs of the agent on which the learning experience is `silent' (in a technical sense) do not change. So, the four revision rules apply the same revision policy, yet to different kinds of learning experience.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41240.
Date of creation: Sep 2012
Date of revision:
Subjective probability; Bayes's rule; Jeffrey's rule; axiomatic foundations; unawareness;
Find related papers by JEL classification:
- C00 - Mathematical and Quantitative Methods - - General - - - General
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- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D00 - Microeconomics - - General - - - General
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