Subjective Distributions

Itzhak Gilboa and David Schmeidler

Theory and Decision, 2004, vol. 56, issue 4, 345-357

Abstract: A decision maker has to choose one of several random variables whose distributions are not known. As a Bayesian, she behaves as if she knew the distributions. In this paper we suggest an axiomatic derivation of these (subjective) distributions, which is more economical than the derivations by de Finetti or Savage. Whereas the latter derive the whole joint distribution of all the available random variables, our approach derives only the marginal distributions. Correspondingly, the preference questionnaire needed in our case is less smaller. Copyright Kluwer Academic Publishers 2004

Keywords: subjective probabilities; axiomatization; distributions (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (5)

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Working Paper: Subjective distributions (2004)
Working Paper: Subjective Distributions (2001)
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DOI: 10.1007/s11238-004-2596-7

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