Bayesian Decision Theory and the Representation of

  title={Bayesian Decision Theory and the Representation of},
  author={Edi Karni},
In this paper I present an axiomatic choice theory for Bayesian decision makers. Iu se this model to define choice-based subjective probabilities that truly represent Bayesian decision makers’ prior and posterior beliefs. I argue that because of the limitations of the traditional analytical framework, no equivalent results may be obtained for theories that invoke Savage’s (1954) idea of a state space.