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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 3, Number 2 (June 2008) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/10422

Title: Non-Bayesian updating: A theoretical framework
Authors: Larry G. Epstein; Department of Economics, Boston University
Jawwad Noor; Department of Economics, Boston University
Alvaro Sandroni; Department of Economics, University of Pennsylvania
Keywords: Non-Bayesian updating, temptation and self-control, overreaction, underreaction, learning, law of small numbers
D81
Issue Date: 1-Jun-2008
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 3, No 2 (2008)
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper models an agent in a multi-period setting who does not update according to Bayes' Rule, and who is self-aware and anticipates her updating behavior when formulating plans. Choice-theoretic axiomatic foundations are provided to capture updating biases that reflect excessive weight given to either prior beliefs, or alternatively, to observed data. A counterpart of the exchangeable Bayesian learning model is also described.
URI: http://hdl.handle.net/1807/10422
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20080193
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 3, Number 2 (June 2008)

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