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A more robust definition of subjective probability

  • Machina,Mark
  • Schmeidler,David

    (Machina:University of California,San Diego Schmeidler:Ohio State University and Tel-Aviv University)

Although their goal is to separate a decision maker's underlying beliefs (their subjective probabilities of events) from their preferences (their attitudes toward risk), classic choice-theoretic derivations of subjective probability all rely upon some form of the Marschak-Samuelson "Independence Axiom" or the Savage "Sure-Thing Principle," which is equivalent to requiring that the decision maker's preferences over lotteries conform to the expected utility hypothesis. This paper presents a choice-theoretic derivation of subjective probability which satisfies the axioms of classical probability theory, but which neither assumes nor implies that the decision maker's preferences over lotteries necessarily conform to the expected utility hypothesis.

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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 365.

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Date of creation: Jul 1991
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Handle: RePEc:bon:bonsfa:365
Contact details of provider: Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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