• Media type: E-Book; Report
  • Title: A theory of Bayesian decision making
  • Contributor: Karni, Edi [Author]
  • Published: Baltimore, MD: The Johns Hopkins University, Department of Economics, 2009
  • Language: English
  • Keywords: D81 ; D82 ; D80 ; subjective probabilities ; beliefs ; prior distributions ; Bayesian decision making
  • Origination:
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  • Description: 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.
  • Access State: Open Access