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American Economic Journal: Microeconomics: Vol. 3 No. 4 (November 2011)

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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

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

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American Economic Journal: Microeconomics


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