Arbeitspapier
A theory of Bayesian decision making
This paper presents a complete, choice-based, axiomatic Bayesian decision theory. It introduces a new choice set consisting of information-contingent plans for choosing actions and bets and subjective expected utility model with effect-dependent utility functions and action-dependent subjective probabilities which, in conjunction with the updating of the probabilities using Bayes' rule, gives rise to a unique prior and a set of action-dependent posterior probabilities representing the decision maker's prior and posterior beliefs.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 550
- Classification
-
Wirtschaft
Information, Knowledge, and Uncertainty: General
Criteria for Decision-Making under Risk and Uncertainty
Asymmetric and Private Information; Mechanism Design
- Subject
-
Bayesian decision making
subjective probabilities
prior distributions
beliefs
- Event
-
Geistige Schöpfung
- (who)
-
Karni, Edi
- Event
-
Veröffentlichung
- (who)
-
The Johns Hopkins University, Department of Economics
- (where)
-
Baltimore, MD
- (when)
-
2009
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Karni, Edi
- The Johns Hopkins University, Department of Economics
Time of origin
- 2009
Other Objects (12)
Emotions, Bayesian inference, and financial decision making
Bayesian Analysis of Competitive Decision-Making Situations
Axiomatic Foundations of Bayesian Decision Theory
On the Relation between Robust and Bayesian Decision Making
Anticipated utility and rational expectations as approximations of Bayesian decision making
Affective decision making: A theory of optimism bias
Experts and decision making: first steps towards a unifying theory of decision making in novices, intermediates and experts
Foundations of Bayesian theory
Decision-making by children
Constructive decision theory
Does consultation improve decision making?
Decision-making with partial information
Emotions, Bayesian inference, and financial decision making
Bayesian Analysis of Competitive Decision-Making Situations
Axiomatic Foundations of Bayesian Decision Theory
On the Relation between Robust and Bayesian Decision Making
Anticipated utility and rational expectations as approximations of Bayesian decision making
Affective decision making: A theory of optimism bias
Experts and decision making: first steps towards a unifying theory of decision making in novices, intermediates and experts
Foundations of Bayesian theory
Decision-making by children
Constructive decision theory
Does consultation improve decision making?
Decision-making with partial information
Emotions, Bayesian inference, and financial decision making
Bayesian Analysis of Competitive Decision-Making Situations
Axiomatic Foundations of Bayesian Decision Theory
On the Relation between Robust and Bayesian Decision Making
Anticipated utility and rational expectations as approximations of Bayesian decision making
Affective decision making: A theory of optimism bias
Experts and decision making: first steps towards a unifying theory of decision making in novices, intermediates and experts
Foundations of Bayesian theory
Decision-making by children
Constructive decision theory
Does consultation improve decision making?