Coherent Odds and Subjective Probability

Kim C. Border and Uzi Segal
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Kim C. Border: California Institute of Technology
Authors registered in the RePEc Author Service: David Laidler

No 9717, University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics

Abstract: Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple lotteries tickets).

Keywords: PROBABILITY; DECISION MAKING (search for similar items in EconPapers)
JEL-codes: D80 D81 (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (1)

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Working Paper: Coherent Odds and Subjective Probability (2001)
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