Almost-objective uncertainty

B-Tier
Journal: Economic Theory
Year: 2004
Volume: 24
Issue: 1
Pages: 1-54

Score contribution per author:

2.011 = (α=2.01 / 1 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Every subjective state space with Euclidean structure contains almost-objective events which arbitrarily closely approximate the properties of objectively uncertain events for all individuals with event-smooth betting preferences - whether or not they are expected utility, state-independent, or probabilistically sophisticated. These properties include unanimously agreed-upon revealed likelihoods, statistical independence from other subjective events, probabilistic sophistication over almost-objective bets, and linearity of state-independent and state-dependent expected utility in almost-objective likelihoods and mixtures. Most physical randomization devices are based on events of this form. Even in the presence of state-dependence, ambiguity, and ambiguity aversion, an individual’s betting preferences over almost-objective events are based solely on their attitudes toward objective risk, and can fully predict (or be predicted from) their behavior in an idealized casino. Copyright Springer-Verlag Berlin/Heidelberg 2004

Technical Details

RePEc Handle
repec:spr:joecth:v:24:y:2004:i:1:p:1-54
Journal Field
Theory
Author Count
1
Added to Database
2026-01-25