A theory of quantifiable beliefs
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Building upon the works of Anscombe and Amuann [Ann. Math. Stat. 34 (1963) 199] and Karni and Schmeidler [An expected utility theory for state-dependent preferences. Working Paper 48-80, Foerder Institute for Economic Research, Tel Aviv University], we develop a general axiomatic theory of quantifiable beliefs—a form of probabilistic sophistication that does not preclude state-dependent preferences and does not require the reduction of compound lotteries. The theory includes the state-dependent...[Show more]
dc.contributor.author | Grant, Simon | |
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dc.contributor.author | Karni, Edi | |
dc.date.accessioned | 2022-12-02T02:46:18Z | |
dc.identifier.issn | 0304-4068 | |
dc.identifier.uri | http://hdl.handle.net/1885/281500 | |
dc.description.abstract | Building upon the works of Anscombe and Amuann [Ann. Math. Stat. 34 (1963) 199] and Karni and Schmeidler [An expected utility theory for state-dependent preferences. Working Paper 48-80, Foerder Institute for Economic Research, Tel Aviv University], we develop a general axiomatic theory of quantifiable beliefs—a form of probabilistic sophistication that does not preclude state-dependent preferences and does not require the reduction of compound lotteries. The theory includes the state-dependent expected utility model of Karni and Schmeidler [An expected utility theory for state-dependent preferences. Working Paper 48-80, Foerder Institute for Economic Research, Tel Aviv University] and the state-independent non-expected utility model of Machina and Schmeidler [J. Econ. Theory 67 (1995) 106] as special cases. The theory is flexible enough to admit recursivity in the decision-making process. | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_AU | |
dc.publisher | Elsevier | |
dc.rights | © 2003 Elsevier Science B.V. | |
dc.source | Journal of Mathematical Economics | |
dc.subject | Non-expected utility | |
dc.subject | Probabilistic sophistication | |
dc.subject | Quantifiable beliefs | |
dc.subject | State-dependent preferences | |
dc.subject | Subjective probability | |
dc.title | A theory of quantifiable beliefs | |
dc.type | Journal article | |
local.description.notes | Imported from ARIES | |
local.identifier.citationvolume | 40 | |
dc.date.issued | 2004 | |
local.identifier.absfor | 389999 - Other economics not elsewhere classified | |
local.identifier.ariespublication | U3488905xPUB16056 | |
local.publisher.url | https://www.elsevier.com/en-au | |
local.type.status | Published Version | |
local.contributor.affiliation | Grant, Simon, College of Business and Economics, ANU | |
local.contributor.affiliation | Karni, Edi, Johns Hopkins University | |
local.description.embargo | 2099-12-31 | |
local.bibliographicCitation.issue | 5 | |
local.bibliographicCitation.startpage | 515 | |
local.bibliographicCitation.lastpage | 546 | |
local.identifier.doi | 10.1016/S0304-4068(03)00042-9 | |
dc.date.updated | 2021-11-28T07:30:59Z | |
local.identifier.scopusID | 2-s2.0-1842843681 | |
local.identifier.thomsonID | 000221273500002 | |
Collections | ANU Research Publications |
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