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Title:A theory of Bayesian decision making PDF Logo
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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