On the Definition of Objective Probabilities by Empirical Similarity

Itzhak Gilboa, Offer Lieberman and David Schmeidler

Chapter 11 in Case-Based Predictions:An Axiomatic Approach to Prediction, Classification and Statistical Learning, 2012, pp 259-280 from World Scientific Publishing Co. Pte. Ltd.

Abstract: We suggest to define objective probabilities by similarity-weighted empirical frequencies, where more similar cases get a higher weight in the computation of frequencies. This formula is justified intuitively and axiomatically, but raises the question, which similarity function should be used? We propose to estimate the similarity function from the data, and thus obtain objective probabilities. We compare this definition to others, and attempt to delineate the scope of situations in which objective probabilities can be used.

Keywords: Case-Based Reasoning; Case-Based Decision Theory; Statistics; Decision Under Uncertainty (search for similar items in EconPapers)
Date: 2012
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Related works:
Working Paper: On the definition of objective probabilities by empirical similarity (2010)
Working Paper: On the Definition of Objective Probabilities by Empirical Similarity (2007)
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