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Subjective Distributions

Author

Listed:
  • Itzhak Gilboa

    (Tel Aviv University)

  • David Schmeidler

    (Tel Aviv University)

Abstract

A decision maker has to choose one of several random variables, with uncertainty known distributions. As a Bayesian she behaves as if she knew the distributions. In his paper we suggest an axiomatic derivation of these (subjective) distributions, which is much more economical than the derivations by de Finetti or Savage. They derive the whole joint distribution of all the available random variables.

Suggested Citation

  • Itzhak Gilboa & David Schmeidler, 2001. "Subjective Distributions," Cowles Foundation Discussion Papers 1341, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1341
    as

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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d13/d1341.pdf
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    References listed on IDEAS

    as
    1. Gilboa,Itzhak & Schmeidler,David, 2001. "A Theory of Case-Based Decisions," Cambridge Books, Cambridge University Press, number 9780521003117.
    2. Gilboa, Itzhak & Schmeidler, David & Wakker, Peter P., 2002. "Utility in Case-Based Decision Theory," Journal of Economic Theory, Elsevier, vol. 105(2), pages 483-502, August.
    3. Gilboa,Itzhak & Schmeidler,David, 2001. "A Theory of Case-Based Decisions," Cambridge Books, Cambridge University Press, number 9780521802345.
    4. Gilboa,Itzhak & Schmeidler,David, 2001. "A Theory of Case-Based Decisions," Cambridge Books, Cambridge University Press, number 9780521802345.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Pamela Giustinelli, 2022. "Expectations in Education: Framework, Elicitation, and Evidence," Working Papers 2022-026, Human Capital and Economic Opportunity Working Group.
    2. Karni, Edi, 2006. "Subjective expected utility theory without states of the world," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 325-342, June.
    3. Blume, Lawrence & Easley, David & Halpern, Joseph Y., 2021. "Constructive decision theory," Journal of Economic Theory, Elsevier, vol. 196(C).

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    More about this item

    Keywords

    Subjective probabilities; expected utility;

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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