Probabilistic Sophistication and Reverse Bayesianism
2018
Karni, Ed | VierÃÿ, Marie-Louise
This paper extends our earlier work on reverse Bayesianism by relaxing the assump- tion that decision makers abide by expected utility theory, assuming instead weaker axioms that merely imply that they are probabilistically sophisticated. We show that our main results, namely, (modied) representation theorems and corresponding rules for updating beliefs over expanding state spaces and null events that constitute "reverse Bayesianism," remain valid.
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