Subjective Distributions

Itzhak Gilboa and David Schmeidler

No 1341, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: A decision maker has to choose one of several random variables, with uncertainty known distributions. As a Bayesian she behaves as if she knew the distributions. In his paper we suggest an axiomatic derivation of these (subjective) distributions, which is much more economical than the derivations by de Finetti or Savage. They derive the whole joint distribution of all the available random variables.

Keywords: Subjective probabilities; expected utility (search for similar items in EconPapers)
JEL-codes: D70 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2001-12
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Published in Theory and Decisions (2004), 56: 345-357

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