Subjective Probabilities on Subjectivity Unambiguous Event
AbstractEvidence such as the Ellsberg Paradox shows that decision-makers do not assign probabilities to all events. It is intuitive that they may differ not only in the probabilities assigned to given events but also in the identity of the events to which they assign probabilities. This paper describes a theory of probability that is fully subjective in the sense that both the domain and the values of the probability measure are derived from preference. The key is a formal definition for subjectively unambiguous event'.
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Bibliographic InfoPaper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 456.
Length: 41 pages
Date of creation: 1998
Date of revision:
Contact details of provider:
Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.
DECISION MAKING ; MATHEMATICAL ANALYSIS ; PROBABILITY;
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- C00 - Mathematical and Quantitative Methods - - General - - - General
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