Mark Machina ()
University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego
Every subjective state space with sufficient (e.g., Euclidean) structure contains almost-objective events that approximate, and in the limit attain, the standard properties of objectively uncertain events for all individuals with event-smooth betting preferences - whether they are expected utility/non-expected utility, state-independent/state-dependent, or probabilistically sophisticated/non-probabilistically sophisticated. These properties include well-defined and unanimously agreed-upon revealed likelihoods that are independent of the realization of other subjective events, probabilistic sophistication over almost-objective acts, and linearity of state-independent or state-dependent expected utility preferences over almost-objective acts and almost-objective mixtures of subjective acts. Many real-world randomization devices are based on events of this form.
Keywords: subjective uncertainty; almost-objective uncertainty (search for similar items in EconPapers)
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Journal Article: Almost-objective uncertainty (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:cdl:ucsdec:qt3ps1k85f
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