Probabilities and Beliefs.

B-Tier
Journal: Journal of Risk and Uncertainty
Year: 1996
Volume: 13
Issue: 3
Pages: 249-62

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

Choice-theoretic definitions of subjective probabilities originated with the work of Ramsey and de Finetti and attained their definitive form in the work of Savage. These probabilities are intended to provide a numerical representation of a decision maker's beliefs regarding the likely realization of alternative events. In this article, I argue that the choice-theoretic definitions of subjective probabilities involve a tacit convention--namely, state-independent utility functions--that is not implied by the axioms, and, as a consequence, choice-theoretic subjective probabilities, even when they exist, do not necessarily represent the decision makers' beliefs. Copyright 1996 by Kluwer Academic Publishers

Technical Details

RePEc Handle
repec:kap:jrisku:v:13:y:1996:i:3:p:249-62
Journal Field
Theory
Author Count
1
Added to Database
2026-01-25