Reverse Bayesianism: A Generalization

Edi Karni, Valenzuela-Stookey Quitzé and Marie-Louise Vierø
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Valenzuela-Stookey Quitzé: Northwestern University, Evanston, IL, USA

The B.E. Journal of Theoretical Economics, 2021, vol. 21, issue 2, 557-569

Abstract: This paper studies an environment in which a decision maker choosing between acts may initially be unaware of certain consequences. We follow the approach of Karni and Vierø (2013) to modeling increasing awareness, which allows for the decision maker's state space to expand as she becomes aware of new possible consequences. We generalize the main result in Karni and Vierø (2013) by allowing the discovery of new consequences to nullify some states that were non-null before the discovery. We also provide alternative assumptions which strengthen the predictions of the belief updating model.

Keywords: growing awareness; reverse Bayesianism; falsification (search for similar items in EconPapers)
JEL-codes: D8 D81 D83 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (2)

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Working Paper: Reverse Bayesianism: A Generalization (2018)
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DOI: 10.1515/bejte-2018-0176

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