An Axiomatic Model of Non-Bayesian Updating

S-Tier
Journal: Review of Economic Studies
Year: 2006
Volume: 73
Issue: 2
Pages: 413-436

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

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

Abstract

This paper models an agent in a three-period setting who does not update according to Bayes' Rule and who is self-aware and anticipates her updating behaviour when formulating plans. Gul and Pesendorfer's theory of temptation and self-control is a key building block. The main result is a representation theorem that generalizes (the dynamic version of) Anscombe-Aumann's theorem so that both the prior and the way in which it is updated are subjective. The model can accommodate updating biases analogous to those observed by psychologists. Copyright 2006, Wiley-Blackwell.

Technical Details

RePEc Handle
repec:oup:restud:v:73:y:2006:i:2:p:413-436
Journal Field
General
Author Count
1
Added to Database
2026-01-25