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Unknowable states and choice-based definitions of subjective probabilities

This paper exposes a difficulty in applying the revealed preference methodology to the definition of subjective probabilities. It shows that in the presence of unknowable states it is impossible to provide choice-based foundations of prior probabilities in Bayes' theory.
Year of publication:
2008
Authors: Karni, Edi
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 99.2008, 3, p. 534-536
Publisher: Elsevier
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10005159018
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