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“Reverse Bayesianism” : a choice-based theory of growing awareness
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Karni, Edi and Vierø, Marie-Louise (2013) “Reverse Bayesianism” : a choice-based theory of growing awareness. American Economic Review, Volume 103 (Number 7). pp. 2790-2810. doi:10.1257/aer.103.7.2790 ISSN 0002-8282.
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Official URL: http://dx.doi.org/10.1257/aer.103.7.2790
Abstract
This article introduces a new approach to modeling the expanding universe of decision makers in the wake of growing awareness, and invokes the axiomatic approach to model the evolution of decision makers' beliefs as awareness grows. The expanding universe is accompanied by extension of the set of acts, the preference relations over which are linked by a new axiom, invariant risk preferences, asserting that the ranking of lotteries is independent of the set of acts under consideration. The main results are representation theorems and rules for updating beliefs over expanding state spaces and events that have the flavor of "reverse Bayesianism."
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| 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: | American Economic Review | ||||
| Publisher: | American Economic Association | ||||
| ISSN: | 0002-8282 | ||||
| Official Date: | December 2013 | ||||
| Dates: |
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| Volume: | Volume 103 | ||||
| Number: | Number 7 | ||||
| Page Range: | pp. 2790-2810 | ||||
| DOI: | 10.1257/aer.103.7.2790 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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