Repository logo
 

De Finetti and Savage on the normative relevance of imprecise reasoning: a reply to Arthmar and Brady

Accepted version
Peer-reviewed

No Thumbnail Available

Type

Article

Change log

Authors

Feduzi, A 
Runde, JH 
Zappia, C 

Abstract

This paper examines the claim that de Finetti and Savage completely rejected the notion of indeterminate, as distinct from imprecise, probabilities. It argues that their examination of imprecise reasoning refers both to descriptive and normative issues, and that the inability for a decision-maker to commit to a single prior cannot be limited to measurement problems, as argued by Arthmar and Brady in a recent contribution to this Journal. The paper shows that de Finetti and Savage admitted that having an interval of initial probabilities may sometimes have normative relevance, thereby leaving an opening for indeterminate probabilities.

Description

Keywords

Probability, Uncertainty, Decision-making

Journal Title

History of Economic Ideas

Conference Name

Journal ISSN

1122-8792
1724-2169

Volume Title

25

Publisher

Fabrizio Serra Editore