A Theory of Subjective Learning, Second Version

@inproceedings{Dillenberger2013ATO,
  title={A Theory of Subjective Learning, Second Version},
  author={David Dillenberger and Juan Sebasti{\'a}n Lleras and Philipp Sadowski and Norio Takeoka},
  year={2013}
}
We study an individual who faces a dynamic decision problem in which the process of information arrival is unobserved by the analyst. We elicit subjective information directly from choice behavior by deriving two utility representations of preferences over menus of acts. The most general representation identifies a unique probability distribution over the set of posteriors that the decision maker might face at the time of choosing from the menu. We use this representation to characterize a… CONTINUE READING

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