Decision-Making in the Context of Imprecise Probabilistic Beliefs
No 34, Economics Working Papers from Institute for Advanced Study, School of Social Science
Coherent imprecise probabilistic beliefs are modelled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general axiom relating preferences and probabilistic beliefs which implies that preferences over unambiguous acts are probabilistically sophisticated and which entails representability of preferences over Savage acts in an Anscombe-Aumann-style framework. The motivation for an explicit and separate axiomatization of beliefs for the study of decision-making under ambiguity is discussed in some detail.
Pages: 52 pages
New Economics Papers: this item is included in nep-gth, nep-knm and nep-upt
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