De Finetti Meets Ellsberg
35 Pages Posted: 17 Oct 2013
Date Written: September 23, 2013
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: exchangeability, partial identification, ambiguity, multiple equilibria, maxmin expected utility, incomplete models, multiple likelihoods
JEL Classification: C11, C18, C44, D81
Suggested Citation: Suggested Citation