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)
"Subjective Probabilities on a State Space."
American Economic Journal: Microeconomics,
Criteria for Decision-Making under Risk and Uncertainty
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