"Bayes' Theorem" for Utility
1976-04
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"Bayes' Theorem" for Utility
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1976-04
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Center for Economic Research, Department of Economics, University of Minnesota
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Working Paper
Abstract
An algorithm is proposed for updating an initial
period objective (risk) function by means of transitional
utility (loss) assessments, in a manner analogous to Bayes'
theorem for probability. Specification of updated probability
assessments is not required. The algorithm is shown to be
robust with respect to a fully updated procedure, given certain
empirically meaningful restrictions. Existence of the initial
period objective function is axiomatized in the context of a
model which adopts a symmetrical approach to utility and
probability.
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Discussion Paper
65
65
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Tesfatsion, L., (1976), ""Bayes' Theorem" for Utility", Discussion Paper No. 65, Center for Economic Research, Department of Economics, University of Minnesota.
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Tesfatsion, Leigh. (1976). "Bayes' Theorem" for Utility. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/54818.
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