Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/49892
Authors: 
Karni, Edi
Year of Publication: 
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

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