TY - JOUR
T1 - Subjective multi-prior probability
T2 - A representation of a partial likelihood relation
AU - Alon, Shiri
AU - Lehrer, Ehud
PY - 2014/5
Y1 - 2014/5
N2 - This paper deals with an incomplete relation over events. Such a relation naturally arises when likelihood estimations are required within environments that involve ambiguity, and in situations which engage multiple assessments and disagreement among individuals' beliefs. The paper characterizes binary relations over events, interpreted as likelihood relations, that can be represented by a unanimity rule applied to a set of prior probabilities. According to this representation an event is at least as likely as another if and only if there is a consensus among all the priors that this is indeed the case. A key axiom employed is a cancellation condition, which is a simple extension of similar conditions that appear in the literature.
AB - This paper deals with an incomplete relation over events. Such a relation naturally arises when likelihood estimations are required within environments that involve ambiguity, and in situations which engage multiple assessments and disagreement among individuals' beliefs. The paper characterizes binary relations over events, interpreted as likelihood relations, that can be represented by a unanimity rule applied to a set of prior probabilities. According to this representation an event is at least as likely as another if and only if there is a consensus among all the priors that this is indeed the case. A key axiom employed is a cancellation condition, which is a simple extension of similar conditions that appear in the literature.
KW - Ambiguity
KW - Cancellation
KW - Incomplete relation
KW - Multi-prior probability
UR - http://www.scopus.com/inward/record.url?scp=84897085205&partnerID=8YFLogxK
U2 - 10.1016/j.jet.2014.02.005
DO - 10.1016/j.jet.2014.02.005
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AN - SCOPUS:84897085205
SN - 0022-0531
VL - 151
SP - 476
EP - 492
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 1
ER -