On the Determination of Subjective Probability by Choices
The paper explores the uniqueness properties of the subjective probabilities in two axiomatizations of state-dependent preferences. Karni, Schmeider and Vind's (KSV) system depends on selecting an arbitrary probability, ans as such, does not guarantee the uniqueness of the derived subjective probability. However, an axiom system initially due to Karni and Shmeider (KS) and further elaborated upon here does guarantee the desired uniqueness, as well as a useful property of "stability" of the derived solution.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1997|
|Contact details of provider:|| Postal: THEMA, Universite de Paris X-Nanterre, U.F.R. de science economiques, gestion, mathematiques et informatique, 200, avenue de la Republique 92001 Nanterre CEDEX.|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Karni, Edi, 1992. "Subjective Probabilities and Utility with Even-Dependent Preferences," Journal of Risk and Uncertainty, Springer, vol. 5(2), pages 107-125, May.
- Mark J. Schervish & Teddy Seidenfeld & Joseph B. Kadane, 1991. "Shared Preferences and State-Dependent Utilities," Management Science, INFORMS, vol. 37(12), pages 1575-1589, December.
- Karni, E. & Schmeidler, D., 1991.
"On the Uniqueness of Subjective Probabilities,"
1-92, Tel Aviv - the Sackler Institute of Economic Studies.
- Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
- Nau, Robert F, 1995. "Coherent Decision Analysis with Inseparable Probabilities and Utilities," Journal of Risk and Uncertainty, Springer, vol. 10(1), pages 71-91, January.
When requesting a correction, please mention this item's handle: RePEc:fth:pnegmi:9737. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel)
If references are entirely missing, you can add them using this form.