On the indeterminacy of the representation of beliefs by probabilities

Edi Karni

Economics Letters, 2020, vol. 196, issue C

Abstract: This paper examines the indeterminacy of the representations of beliefs by subjective probabilities in non-expected utility theories of decision making under uncertainty. These theories include the rank-dependent utility models, probabilistically sophisticated choice and probabilistic sophistication based on event exchangeability.

Keywords: Subjective probabilities; Prior beliefs; Rank-dependent utility; Probabilistic sophistication; Event exchangeability (search for similar items in EconPapers)
JEL-codes: D8 D81 D83 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:196:y:2020:i:c:s0165176520303244

DOI: 10.1016/j.econlet.2020.109535

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