NDLI: A Unified Bayesian Decision Theory

Content Provider	Springer Nature Link
Author	Bradley, Richard
Copyright Year	2007
Abstract	This paper provides new foundations for Bayesian Decision Theory based on a representation theorem for preferences defined on a set of prospects containing both factual and conditional possibilities. This use of a rich set of prospects not only provides a framework within which the main theoretical claims of Savage, Ramsey, Jeffrey and others can be stated and compared, but also allows for the postulation of an extended Bayesian model of rational belief and desire from which they can be derived as special cases. The main theorem of the paper establishes the existence of a such a Bayesian representation of preferences over conditional prospects, i.e. the existence of a pair of real-valued functions respectively measuring the agent’s degrees of belief and desire and which satisfy the postulated rationality conditions on partial belief and desire. The representation of partial belief is shown to be unique and that of partial desire, unique up to a linear transformation.
Starting Page	233
Ending Page	263
Page Count	31
File Format	PDF
ISSN	00405833
Journal	Theory and Decision
Volume Number	63
Issue Number	3
e-ISSN	15737187
Language	English
Publisher	Springer US
Publisher Date	2007-05-10
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Bayesian decision theory conditionals probability desirability representation theorem Operations Research/Decision Theory Methodology of the Social Sciences Game Theory, Economics, Social and Behav. Sciences Game Theory/Mathematical Methods Economic Theory
Content Type	Text
Resource Type	Article
Subject	Arts and Humanities Economics, Econometrics and Finance Developmental and Educational Psychology Social Sciences Decision Sciences Applied Psychology Computer Science Applications

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