De Finetti Meets Ellsberg
37 Pages Posted: 19 Oct 2013
There are 2 versions of this paper
Date Written: September 18, 2013
Abstract
The paper outlines an exchangeable non-Bayesian model of preference generalizing the Savage/de Finetti classic model of subjective expected utility preference with an exchangeable prior. The treatment is informal, and the emphasis is on motivation and potential applications rather than on axiomatic foundations and technical details. The objective is to provide a widely accessible introduction to research that is reported in detail elsewhere.
Keywords: Savage/de Finetti classic model, Ellsberg Paradox
Suggested Citation: Suggested Citation
Epstein, Larry G. and Seo, Kyoungwon, De Finetti Meets Ellsberg (September 18, 2013). CIRANO - Scientific Publications 2013s-35, Available at SSRN: https://ssrn.com/abstract=2342290 or http://dx.doi.org/10.2139/ssrn.2342290
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