Elicitation of subjective probabilities in the context of decision-making
Abstract
In this paper a framework is developed to seek information from the decision-maker about uncertain events, and to use this information for identifying a preferred alternative. Existing methods are examined critically to determine the best strategy for eliciting subjective probabilities in the context of decision-making. It is shown how a preferred alternative can be identified with less than perfect knowledge of the probabilities.
Collections
- Working Papers [2627]