De Finetti meets Ellsberg

Larry Epstein and Kyoungwon Seo

Research in Economics, 2014, vol. 68, issue 1, 11-26

Abstract: The paper outlines an exchangeable non-Bayesian model of preference generalizing the Savage/de Finetti classic model of subjective expected utility preference with an exchangeable prior. The treatment is informal, and the emphasis is on motivation and potential applications rather than on axiomatic foundations and technical details. The objective is to provide a widely accessible introduction to research that is reported in detail elsewhere.

Keywords: Exchangeability; Partial identification; Ambiguity; Multiple equilibria; Incomplete models; Multiple likelihoods (search for similar items in EconPapers)
Date: 2014
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Working Paper: De Finetti Meets Ellsberg (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reecon:v:68:y:2014:i:1:p:11-26

DOI: 10.1016/j.rie.2013.11.003

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