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http://hdl.handle.net/10419/49892
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| Title: | | A theory of Bayesian decision making  |
| Authors: | | Karni, Edi |
| Issue Date: | | 2009 |
| Series/Report no.: | | Working papers // the Johns Hopkins University, Department of Economics 550 |
| Abstract: | | This paper presents a complete, choice-based, axiomatic Bayesian decision theory. It introduces a new choice set consisting of information-contingent plans for choosing actions and bets and subjective expected utility model with effect-dependent utility functions and action-dependent subjective probabilities which, in conjunction with the updating of the probabilities using Bayes' rule, gives rise to a unique prior and a set of action-dependent posterior probabilities representing the decision maker's prior and posterior beliefs. |
| Subjects: | | Bayesian decision making subjective probabilities prior distributions beliefs |
| JEL: | | D80 D81 D82 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, The Johns Hopkins University
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