Subjectivity in inductive inference

Itzhak Gilboa, Larry Samuelson

Research output: Contribution to journalArticlepeer-review

Abstract

This paper examines circumstances under which subjectivity enhances the effectiveness of inductive reasoning. We consider agents facing a data-generating process who are characterized by inference rules that may be purely objective (or data-based) or may incorporate subjective considerations. Agents who invoke no subjective considerations are doomed to ineffective learning. The analysis places no computational or memory limitations on the agents: the role for subjectivity emerges in the presence of unlimited reasoning powers.

Original languageEnglish
Pages (from-to)183-215
Number of pages33
JournalTheoretical Economics
Volume7
Issue number2
DOIs
StatePublished - May 2012

Keywords

  • Inductive inference
  • Learning
  • Prediction
  • Simplicity

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