Probabilistic Sophistication and Reverse Bayesianism

Ed Karni and Marie-Louise VierÃÿ

No 274623, Queen's Economics Department Working Papers from Queen's University - Department of Economics

Abstract: This paper extends our earlier work on reverse Bayesianism by relaxing the assump- tion that decision makers abide by expected utility theory, assuming instead weaker axioms that merely imply that they are probabilistically sophisticated. We show that our main results, namely, (modied) representation theorems and corresponding rules for updating beliefs over expanding state spaces and null events that constitute "reverse Bayesianism," remain valid.

Keywords: Financial; Economics (search for similar items in EconPapers)
Pages: 26
Date: 2013-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:quedwp:274623

DOI: 10.22004/ag.econ.274623

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