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Probabilistic sophistication and reverse Bayesianism
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Karni, Edi and Viero, Marie-Louise (2015) Probabilistic sophistication and reverse Bayesianism. Journal of Risk and Uncertainty, 50 (3). pp. 189-208. doi:10.1007/s1116-015-9216-5 ISSN 0895-5646.
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Official URL: https://doi.org/10.1007/s11166-015-9216-5
Abstract
This paper extends our earlier work on reverse Bayesianism by relaxing the assumption that decision makers abide by expected utility theory, assuming instead weaker axioms that merely imply that they are probabilistically sophisticated. We show that our main results, namely, (modified) representation theorems and corresponding rules for updating beliefs over expanding state spaces and null events that constitute “reverse Bayesianism,” remain valid.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Journal of Risk and Uncertainty | ||||||||
Publisher: | Springer New York LLC | ||||||||
ISSN: | 0895-5646 | ||||||||
Official Date: | June 2015 | ||||||||
Dates: |
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Volume: | 50 | ||||||||
Number: | 3 | ||||||||
Page Range: | pp. 189-208 | ||||||||
DOI: | 10.1007/s1116-015-9216-5 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access |
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