Beginning with Ramsey (1931) and de Finetti (1937) and culminating with Savage
(1954), with rare exceptions, choice-based notions of subjective probabilities are treated
as an aspect of the representation of a decision maker’s preference relation, that defines
his/her degree of belief regarding the likelihood of events. In other words, while
presuming to represent the decision maker’s beliefs about the likelihood of events,
according to this approach it is immaterial whether in fact the decision maker actually
entertains such beliefs.
A different approach considers the decision maker’s beliefs to be ...
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