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Subjective Distributions

Author

Listed:
  • Itzhak Gilboa

    (Tel Aviv University)

  • David Schmeidler

    (Tel Aviv University)

Abstract

A decision maker has to choose one of several random variables, with uncertainty known distributions. As a Bayesian she behaves as if she knew the distributions. In his paper we suggest an axiomatic derivation of these (subjective) distributions, which is much more economical than the derivations by de Finetti or Savage. They derive the whole joint distribution of all the available random variables.

Suggested Citation

  • Itzhak Gilboa & David Schmeidler, 2001. "Subjective Distributions," Cowles Foundation Discussion Papers 1341, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1341
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d13/d1341.pdf
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    Cited by:

    1. is not listed on IDEAS
    2. Pamela Giustinelli, 2022. "Expectations in Education: Framework, Elicitation, and Evidence," Working Papers 2022-026, Human Capital and Economic Opportunity Working Group.
    3. Karni, Edi, 2006. "Subjective expected utility theory without states of the world," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 325-342, June.
    4. Blume, Lawrence & Easley, David & Halpern, Joseph Y., 2021. "Constructive decision theory," Journal of Economic Theory, Elsevier, vol. 196(C).
    5. Marcus Pivato, 2025. "Polyvalent decision theory," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05415427, HAL.

    More about this item

    Keywords

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    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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