2.3 Conditional lower previsions
Let be a subset of the sampling space
, and consider a gamble
on
. Walley's theory of coherent lower previsions gives two different interpretations of the conditional lower prevision
of
given
: the updating and the contingent one. Under the contingent interpretation,
is our subject's current supremum buying price for the gamble
contingent on
, that is, the supremum value of such that the gamble is desirable for our subject.
In order to relate the subject's ...
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