Introduction to Imprecise Probabilities

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 ...