A BEJTE Topics article.

Abstract

This paper provides a recipe to generate definitions of possibility, which is equivalent to the standard approach of deriving possibility from belief/knowledge. Savage's notion of nonnullity is therefore an example that fits into our framework. The recipe is used to create a new definition of possibility, which is logically coherent for all weakly monotonic preferences. For various nonexpected utility models of preference, our new definition improves nonnullity and its existing alternatives.

Submitted: August 9, 2005 · Accepted: October 11, 2005 · Published: February 14, 2006

Originally published in Topics in Theoretical Economics.

Recommended Citation

Lo, Kin Chung (2005) "Likely Events and Possible States," Topics in Theoretical Economics: Vol. 5 : Iss. 1, Article 4.
Available at: http://www.bepress.com/bejte/topics/vol5/iss1/art4