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Probabilities as Similarity-Weighted Frequencies

Author

Listed:
  • Antoine Billot
  • Itzhak Gilboa
  • Dov Samet
  • David Schmeidler

Abstract

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.

Suggested Citation

  • Antoine Billot & Itzhak Gilboa & Dov Samet & David Schmeidler, 2005. "Probabilities as Similarity-Weighted Frequencies," Econometrica, Econometric Society, vol. 73(4), pages 1125-1136, July.
    • Handle: RePEc:ecm:emetrp:v:73:y:2005:i:4:p:1125-1136
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    File URL: http://hdl.handle.net/10.1111/j.1468-0262.2005.00611.x
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    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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