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Lexicographic probability, conditional probability, and nonstandard probability

  • Halpern, Joseph Y.

The relationship between Popper spaces (conditional probability spaces that satisfy some regularity conditions), lexicographic probability systems (LPS's), and nonstandard probability spaces (NPS's) is considered. If countable additivity is assumed, Popper spaces and a subclass of LPS's are equivalent; without the assumption of countable additivity, the equivalence no longer holds. If the state space is finite, LPS's are equivalent to NPS's. However, if the state space is infinite, NPS's are shown to be more general than LPS's.

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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 68 (2010)
Issue (Month): 1 (January)
Pages: 155-179

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Handle: RePEc:eee:gamebe:v:68:y:2010:i:1:p:155-179
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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