On the robustness of indeterminacy in subjective probability

Soo Hong Chew and Wenqian Wang

Economics Letters, 2020, vol. 188, issue C

Abstract: We examine the robustness of indeterminacy in subjective probability identified in Savage’s (1954) axiomatization of subjective expected utility theory. We show that this indeterminacy applies to betweenness conforming preferences, but does not extend to preferences without the betweenness property.

Keywords: Subjective probability; State dependence; Non-expected utility; Betweenness; Rank-dependent utility (search for similar items in EconPapers)
JEL-codes: D80 D81 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:188:y:2020:i:c:s016517652030001x

DOI: 10.1016/j.econlet.2020.108939

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