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American Economic Journal: Microeconomics: Vol. 3 No. 4 (November 2011)
AEJ: Micro Volume. 3, Issue 4 |
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AEJ: Micro Forthcoming Articles
Subjective Probabilities on a State Space
Article Citation
Karni, Edi. 2011. "Subjective Probabilities on a State Space."
American Economic Journal: Microeconomics,
3(4): 172-85.
DOI: 10.1257/mic.3.4.172
DOI: 10.1257/mic.3.4.172
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)
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Authors
Karni, Edi (Johns Hopkins U)
JEL Classifications
D81: Criteria for Decision-Making under Risk and Uncertainty
D83: Search; Learning; Information and Knowledge; Communication; Belief
D83: Search; Learning; Information and Knowledge; Communication; Belief
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