Role of the entrepreneur in a distinct role of profit.

A decision maker has to choose one of several random variables whose distributions are not known. As a Bayesian, she behaves as if she knew the distributions. In this paper we suggest an axiomatic derivation of these (subjective) distributions, which is more economical than the derivations by de Finetti or Savage. Whereas the latter derive the whole joint distribution of all the available random variables, our approach derives only the marginal distributions. Correspondingly, the preference questionnaire needed in our case is (...) less smaller. (shrink)

Classic analysis of the subject and the development of personal probability; one of the greatest controversies in modern statistcal thought.