A Theory of Bayesian Decision Making

Edi Karni

Economics Working Paper Archive from The Johns Hopkins University,Department of Economics

Abstract: This paper presents a complete, choice-based, axiomatic Bayesian decision theory. It introduces a new choice set consisting of information-contingent plans for choosing actions and bets and subjective expected utility model with effect-dependent utility functions and action-dependent subjective probabilities which, in conjunction with the updating of the probabilities using Bayes' rule, gives rise to a unique prior and a set of action-dependent posterior probabilities representing the decision maker's prior and posterior beliefs.

Date: 2009-05
New Economics Papers: this item is included in nep-gth, nep-hpe and nep-upt
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http://www.econ2.jhu.edu/REPEC/papers/WP550.pdf (application/pdf)

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Working Paper: A Theory of Bayesian Decision Making (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:jhu:papers:550

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