Updating Rules for Non-Bayesian Preferences

No 157, Econometric Society World Congress 2000 Contributed Papers from Econometric Society

Abstract: We axiomatize updating rules for preferences that are not necessarily in the expected utility class. Two sets of results are presented. The first is the axiomatization and representation of conditional preferences. The second consists of the axiomatization of three updating rules: the traditional Bayesian rule, the Dempster-Shafer rule, and the generalized Bayesian rule. The last rule can be regarded as the updating rule for the multi-prior expected utility (Gilboa and Schmeidler (1989)). The operational merit of it is that it is equivalent to updating each prior by the traditional Bayesian rule.

Date: 2000-08-01
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