EconPapers    
Economics at your fingertips  
 

NON-BAYESIAN UPDATING: A THEORETICAL FRAMEWORK

Larry Epstein (), Jawwad Noor () and Alvaro Sandroni ()
Additional contact information
Alvaro Sandroni: Columbia Business School

No WP2005-025, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: This paper models an agent in a multi-period setting who does not update according to Bayes. Rule, and who is self-aware and anticipates her updating behavior when formulating plans. Choice-theoretic axiomatic foundations are provided. Then the model is specialized axiomatically to capture updating biases that re.ect excessive weight given to (i) prior beliefs, or alternatively, (ii) the realized sample. Finally, the paper describes a counterpart of the exchangeable Bayesian model, where the agent tries to learn about parameters, and some answers are provided to the question "what does a non-Bayesian updater learn?"

Pages: 50 pages
Date: 2005-07
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Non-Bayesian updating: A theoretical framework (2008) Downloads
Working Paper: NON-BAYESIAN UPDATING: A THEORETICAL FRAMEWORK (2005)
Working Paper: Non-Bayesian Updating: a Theoretical Framework (2005) Downloads
Working Paper: Non-Bayesian Updating: A Theoretical Framework (2003) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bos:wpaper:wp2005-025

Access Statistics for this paper

More papers in Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Program Coordinator ().

 
Page updated 2020-10-17
Handle: RePEc:bos:wpaper:wp2005-025