Probabilities as Similarity-Weighted Frequencies
A decision maker is asked to express her beliefs by assigning probabilities to certain possible states. We focus on the relationship between her database and her beliefs. We show that if beliefs given a union of two databases are a convex combination of beliefs given each of the databases, the belief formation process follows a simple formula: beliefs are a similarity-weighted average of the beliefs induced by each past case. Copyright The Econometric Society 2005.
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Volume (Year): 73 (2005)
Issue (Month): 4 (07)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Itzhak Gilboa & David Schmeidler, 2003. "Inductive Inference: An Axiomatic Approach," Econometrica, Econometric Society, vol. 71(1), pages 1-26, January.
- Billot, Antoine & Gilboa, Itzhak & Schmeidler, David, 2008.
"Axiomatization of an exponential similarity function,"
Mathematical Social Sciences,
Elsevier, vol. 55(2), pages 107-115, March.
- Antoine Billot & Itzhak Gilboa & David Schmeidler, 2004. "Axiomatization of an Exponential Similarity Function," Cowles Foundation Discussion Papers 1485, Cowles Foundation for Research in Economics, Yale University.
- Antoine Billot & Itzhak Gilboa & David Schmeidler, 2008. "Axiomatization of an exponential similarity function," Post-Print hal-00463265, HAL.
- Itzhak Gilboa & Offer Lieberman & David Schmeidler, 2006. "Empirical Similarity," The Review of Economics and Statistics, MIT Press, vol. 88(3), pages 433-444, August.
- Itzhak Gilboa & Offer Lieberman & David Schmeidler, 2004. "Empirical Similarity," Cowles Foundation Discussion Papers 1486, Cowles Foundation for Research in Economics, Yale University.
- Itzhak Gilboa & David Schmeidler & Offer Lieberman, 2006. "Empirical Similarity," Post-Print hal-00746558, HAL.
- Itzhak Gilboa & Offer Lieberman & David Schmeidler, 2004. "Empirical Similarity," Levine's Bibliography 122247000000000684, UCLA Department of Economics.
- F J Anscombe & R J Aumann, 2000. "A Definition of Subjective Probability," Levine's Working Paper Archive 7591, David K. Levine.
- Antoine Billot & Itzhak Gilboa & David Schmeidler, 2004. "An Axiomatization of an Exponential Similarity Function," Levine's Bibliography 122247000000000678, UCLA Department of Economics. Full references (including those not matched with items on IDEAS)
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