Imprecise probabilistic beliefs as a context for decision-making under ambiguity |
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Authors: | Klaus Nehring |
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Institution: | University of California, Department of Economics, One Shields Ave., Davis, CA, United States |
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Abstract: | Coherent imprecise probabilistic beliefs are modeled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general “Likelihood Compatibility” axiom relating preferences and probabilistic beliefs and characterize its implications for the class of “invariant biseparable” preferences that includes the MEU and CEU models among others. |
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Keywords: | D81 |
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