Elicitation of Subjective Probabilities in the Context of Decision-Making

Sarin R K

IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: In this paper a framework is developed to seek information from the decision-maker about uncertain events, and to use this information for identifying a preferred alternative. Existing methods are examined critically to determine the best strategy for eliciting subjective probabilities int he context of decision-making. It is shown how a preferred alternative can be identified with less than perfect knowledge of the probabilities.

Date: 1976-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:iim:iimawp:wp00181

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