De Finetti Meets Ellsberg

37 Pages Posted: 19 Oct 2013

See all articles by Larry G. Epstein

Larry G. Epstein

Boston University - College of Arts and Sciences

Kyoungwon Seo

Seoul National University

Multiple version iconThere are 2 versions of this paper

Date Written: September 18, 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: Savage/de Finetti classic model, Ellsberg Paradox

Suggested Citation

Epstein, Larry G. and Seo, Kyoungwon, De Finetti Meets Ellsberg (September 18, 2013). CIRANO - Scientific Publications 2013s-35. Available at SSRN: or

Larry G. Epstein (Contact Author)

Boston University - College of Arts and Sciences ( email )

Department of Economics, Room 352
270 Bay State Road
Boston, MA 02215
United States
617-353-4142 (Phone)

Kyoungwon Seo

Seoul National University ( email )

Korea, Republic of (South Korea)

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