Savage [L. Savage, "The Foundations of Statistics," Wiley, New York, 1954] showed how properties of a decision maker's probabilistic beliefs can be deduced from primitive consistency axioms on preferences. This paper extends that approach and shows how logical properties of belief - which underlie economists' models of information and knowledge - can be related to properties of preferences. Journal of Economic Literature Classification Number: D80.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics