| BELIEFS (1991) | |||||||||||||
Abstract | |||||||||||||
| In existing models of decision under uncertainty where the decision maker may have multiple beliefs (vague beliefs) the different beliefs are not distinguished by their degree of reliability. This paper extends the model of vague beliefs in this direction: the decision maker may have multiple beliefs, but also has a complete order over them (a belief over his own beliefs, or higher order beliefs). We characterize the complete orders over acts which can be held by a decision maker with higher order beliefs. Standard expected utility theory is a special case of the representation we present. 1 | |||||||||||||
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