Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/221610
Authors: 
Foster, Dean P.
Vohra, Rakesh V.
Year of Publication: 
1999
Series/Report no.: 
Discussion Paper No. 1254
Abstract: 
We propose a framework for reconciling frequentist and subjectivist views of probability. In an environment with repeated trails we show that beliefs about the possible states of nature can be represented by probabilities. Second, these probabilities will correspond to long run frequencies. In particular they will be naively calibrated. Third, the actions chosen in each trial will be the ones that maximize expected utility on that trial. The expectation is with respect to the probabilities used to represent beliefs.
Document Type: 
Working Paper

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