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econ.TH2026
Axioms and Anomalies with Finite Data
Cheaheon Lim, Tomasz Strzalecki
The classical expected utility (EU) axioms are not sufficient for finite datasets. There are a number of anomalies (violations of EU) where axioms are satisfied. This paper studies…
econ.TH2026
An Axiomatic Foundation for Decisions with Counterfactual Utility
Benedikt Koch, Kosuke Imai, Tomasz Strzalecki
Counterfactual utilities evaluate decisions not only by the realized outcome under a given decision, but also by the counterfactual outcomes that would arise under alternative deci…
econ.TH2024
Variational Bayes and non-Bayesian Updating
Tomasz Strzalecki
I show how variational Bayes can be used as a microfoundation for a popular model of non-Bayesian updating.