Subjective Probabilities on a State Space
American Economic Journal: Microeconomics
vol. 3,
no. 4, November 2011
(pp. 172-85)
Abstract
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)Citation
Karni, Edi. 2011. "Subjective Probabilities on a State Space." American Economic Journal: Microeconomics, 3 (4): 172-85. DOI: 10.1257/mic.3.4.172JEL Classification
- D81 Criteria for Decision-Making under Risk and Uncertainty
- D83 Search; Learning; Information and Knowledge; Communication; Belief
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