Probability and Uncertainty in Economic Modeling

Itzhak Gilboa, W. A. Postlewaite and David Schmeidler

Voprosy Ekonomiki, 2009, issue 10

Abstract: The article considers the paradigm of subjective probability and expected utility theory with respect to their applications in the theory of decision-making. Advantages and shortcomings of Savage’s axiomatic in the subjective probability theory are analyzed, the models of beliefs formation are considered. The authors propose a new approach to the analysis of decision-making — a multiple priors model, where an agent attributes to each event not a single probability, but a range of probabilities.

Date: 2009
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Related works:
Journal Article: Probability and Uncertainty in Economic Modeling (2008)
Working Paper: Probability and Uncertainty in Economic Modeling (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:933

DOI: 10.32609/0042-8736-2009-10-46-61

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