Probability and Uncertainty in Economic Modeling - HEC Paris - École des hautes études commerciales de Paris Access content directly
Journal Articles Journal of Economic Perspectives Year : 2008

Probability and Uncertainty in Economic Modeling

Abstract

Economic modeling assumes, for the most part, that agents are Bayesian, that is, that they entertain probabilistic beliefs, objective or subjective, regarding any event in question. We argue that the formation of such beliefs calls for a deeper examination and for explicit modeling. Models of belief formation may enhance our understanding of the probabilistic beliefs when these exist, and may also help us characterize situations in which entertaining such beliefs is neither realistic nor necessarily rational.

Dates and versions

hal-00463394 , version 1 (12-03-2010)

Identifiers

Cite

Itzhak Gilboa, Andrew Postlewaite, David Schmeidler. Probability and Uncertainty in Economic Modeling. Journal of Economic Perspectives, 2008, Vol.22,n°3 Summer, pp.173-188. ⟨10.1257/jep.22.3.173⟩. ⟨hal-00463394⟩

Collections

HEC CNRS

Altmetric

Share

Gmail Facebook X LinkedIn More