Subjective Probabilities on a State Space

This paper extends the analytical framework of Karni (2011) to include a state space and advances a choice-based definition of subjective probabilities on this space. These probabilities represent the beliefs of Bayesian decision makers regarding the likelihoods of events, thus resolving a long-standing, fundamental difficulty with the definition of subjective probabilities. (JEL D81, D83)

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Year of publication:	2011
Authors:	Karni, Edi
Published in:	American Economic Journal: Microeconomics. - American Economic Association - AEA. - Vol. 3.2011, 4, p. 172-85
Publisher:	American Economic Association - AEA

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Extent:	application/pdf
Type of publication:	Article
Notes:	DOI: 10.1257/mic.3.4.172
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty ; D83 - Search, Learning, Information and Knowledge
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009353601