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A Theory of Quantifiable Beliefs

Grant, Simon; Karni, Edi


Building upon the works of Anscombe and Aumann (1963) and Karni and Schmeidler (1981), 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 (1981) and the state-independent non-expected utility model of Machina and Schmeidler (1995) as specific example...[Show more]

CollectionsANU Research Publications
Date published: 2000
Type: Working/Technical Paper


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