Bayesian Decision Theory and the Representation of Beliefs
نویسنده
چکیده
In this paper I present an axiomatic choice theory for Bayesian decision makers. I use this model to define choice-based subjective probabilities that truly represent Bayesian decision makers’ prior and posterior beliefs. I argue that because of the limitations of the traditional analytical framework, no equivalent results may be obtained for theories that invoke Savage’s (1954) idea of a state space. ∗I am grateful to Itzhak Gilboa and Robert Nau for their useful comments and to the NSF for financial support under grant SES-0314249.
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