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Subjective Distributions

Author

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  • Itzhak Gilboa
  • David Schmeidler

Abstract

A decision maker has to choose one of several random variables whose distributions are not known. As a Bayesian, she behaves as if she knew the distributions. In this paper we suggest an axiomatic derivation of these (subjective) distributions, which is more economical than the derivations by de Finetti or Savage. Whereas the latter derive the whole joint distribution of all the available random variables, our approach derives only the marginal distributions. Correspondingly, the preference questionnaire needed in our case is less smaller. Copyright Kluwer Academic Publishers 2004

Suggested Citation

  • Itzhak Gilboa & David Schmeidler, 2004. "Subjective Distributions," Theory and Decision, Springer, vol. 56(4), pages 345-357, January.
    • Handle: RePEc:kap:theord:v:56:y:2004:i:4:p:345-357
    DOI: 10.1007/s11238-004-2596-7
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    References listed on IDEAS

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    1. Gilboa,Itzhak & Schmeidler,David, 2001. "A Theory of Case-Based Decisions," Cambridge Books, Cambridge University Press, number 9780521802345, November.
    2. Gilboa, Itzhak & Schmeidler, David & Wakker, Peter P., 2002. "Utility in Case-Based Decision Theory," Journal of Economic Theory, Elsevier, vol. 105(2), pages 483-502, August.
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    Cited by:

    1. Karni, Edi, 2006. "Subjective expected utility theory without states of the world," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 325-342, June.
    2. Blume, Lawrence & Easley, David & Halpern, Joseph Y., 2021. "Constructive decision theory," Journal of Economic Theory, Elsevier, vol. 196(C).
    3. Pamela Giustinelli, 2022. "Expectations in Education: Framework, Elicitation, and Evidence," Working Papers 2022-026, Human Capital and Economic Opportunity Working Group.

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    More about this item

    Keywords

    subjective probabilities; axiomatization; distributions;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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