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| Author: | Morris, S. |
| Title: | The logic of belief and belief change: a decision theoretic approach |
| Journal: | Journal of Economic Theory
1996 : APR, VOL. 69:1, p. 1-23 |
| Index terms: | ECONOMIC THEORY LOGIC CHANGE |
| Language: | eng |
| Abstract: | Savage (1954) showed how properties of a decision maker's probabilistic beliefs can be deduced from primitive consistency axioms on preferences. However, the laws of probability theory are not the only properties of belief that are relevant for economists. More basic logical properties of belief underlie the concepts of "information" and "knowledge" used by economists. The use of partitions to represent information entails the "positive introspection" property that if something is believed, it is believed that it is believed, as well as other much stronger logical properties discussed below. |
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