We consider decision makers who know that payoff-relevant observations are generated by a process that belongs to a given class M, as postulated in Wald [A. Wald (1950) Statistical Decision Functions (Wiley, New York)]. We incorporate this Waldean piece of objective information within an otherwise subjective setting à la Savage [L.J. Savage (1954) The Foundations of Statistics (Wiley, New York)] and show that this leads to a two-stage subjective expected utility model that accounts for both state and model uncertainty.
Classical subjective expected utility
Cerreia Vioglio, Simone;Maccheroni, Fabio;Marinacci, Massimo
;Montrucchio, Luigi
2013
Abstract
We consider decision makers who know that payoff-relevant observations are generated by a process that belongs to a given class M, as postulated in Wald [A. Wald (1950) Statistical Decision Functions (Wiley, New York)]. We incorporate this Waldean piece of objective information within an otherwise subjective setting à la Savage [L.J. Savage (1954) The Foundations of Statistics (Wiley, New York)] and show that this leads to a two-stage subjective expected utility model that accounts for both state and model uncertainty.
File in questo prodotto:
| File | Dimensione | Formato | |
|---|---|---|---|
|
Cerreia-VioglioMaccheroniMarinacciMontrucchio13b.pdf
non disponibili
Tipologia:
Pdf editoriale (Publisher's layout)
Licenza:
NON PUBBLICO - Accesso privato/ristretto
Dimensione
166.52 kB
Formato
Adobe PDF
|
166.52 kB | Adobe PDF | Visualizza/Apri |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
