Exchangeable capacities, parameters and incomplete theories

A-Tier
Journal: Journal of Economic Theory
Year: 2015
Volume: 157
Issue: C
Pages: 879-917

Authors (2)

Epstein, Larry G. (McGill University) Seo, Kyoungwon (not in RePEc)

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

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

Abstract

The de Finetti Theorem on exchangeable predictive priors is generalized to a framework where preference is represented by Choquet expected utility with respect to a belief function (a special capacity). The resulting model provides behavioral foundations for the decision-maker's subjective theory of the environment in which there are factors common to all experiments (or sources of uncertainty), called parameters, but in which her theory is incomplete in that knowledge of the parameter leaves idiosyncratic factors that vary across experiments in a way that is poorly understood.

Technical Details

RePEc Handle
repec:eee:jetheo:v:157:y:2015:i:c:p:879-917
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25