Subjective Probabilities on Subjectivity Unambiguous Event

Larry Epstein and Jiankang Zhang ()

RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: Evidence such as the Ellsberg Paradox shows that decision-makers do not assign probabilities to all events. It is intuitive that they may differ not only in the probabilities assigned to given events but also in the identity of the events to which they assign probabilities. This paper describes a theory of probability that is fully subjective in the sense that both the domain and the values of the probability measure are derived from preference. The key is a formal definition for subjectively unambiguous event'.

Keywords: DECISION MAKING; MATHEMATICAL ANALYSIS; PROBABILITY (search for similar items in EconPapers)
JEL-codes: C00 D80 (search for similar items in EconPapers)
Pages: 41 pages
Date: 1998
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Citations: View citations in EconPapers (33)

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Persistent link: https://EconPapers.repec.org/RePEc:roc:rocher:456

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