On the Determination of Subjective Probability by Choices

Edi Karni and Philippe Mongin

Working Papers from Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor.

Abstract: The paper explores the uniqueness properties of the subjective probabilities in two axiomatizations of state-dependent preferences. Karni, Schmeider and Vind's (KSV) system depends on selecting an arbitrary probability, ans as such, does not guarantee the uniqueness of the derived subjective probability. However, an axiom system initially due to Karni and Shmeider (KS) and further elaborated upon here does guarantee the desired uniqueness, as well as a useful property of "stability" of the derived solution.

Keywords: UTILITY FUNCTION; CONSUMERS (search for similar items in EconPapers)
JEL-codes: D11 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1997
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: On the Determination of Subjective Probability by Choices (2000)
Working Paper: On the determination of subjective probability by choices (1997)
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