An update on Bayesian updating

Charles Holt and Angela M. Smith

Journal of Economic Behavior & Organization, 2009, vol. 69, issue 2, 125-134

Abstract: This paper reports an experiment in which subjects are asked to assess probabilities for unknown events, with treatments that vary the extremity of the prior information. Probabilities are elicited using a Becker-DeGroot-Marshak procedure that does not depend on assumptions about risk aversion. The focus is on the pattern of biases in information processing.

Keywords: Laboratory; experiments; Baye's; rule; Probability; weighting (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (88)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:69:y:2009:i:2:p:125-134

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