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
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- repec:cup:cbooks:9780521802345 is not listed on IDEAS
- 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.
- repec:cup:cbooks:9780521003117 is not listed on IDEAS
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