Subjective distributions

Research output: Contribution to journalArticlepeer-review

Abstract

A decision maker has to choose one of several random variables whose distributions are not known. As a Bayesian, she behaves as if she knew the distributions. In this paper we suggest an axiomatic derivation of these (subjective) distributions, which is more economical than the derivations by de Finetti or Savage. Whereas the latter derive the whole joint distribution of all the available random variables, our approach derives only the marginal distributions. Correspondingly, the preference questionnaire needed in our case is less smaller.

Original languageEnglish
Pages (from-to)345-357
Number of pages13
JournalTheory and Decision
Volume56
Issue number4
DOIs
StatePublished - Jun 2004

Keywords

  • Axiomatization
  • Distributions
  • Subjective probabilities

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