Reverse Bayesianism: revising beliefs in light of unforeseen events

Bayesian Updating is the dominant theory of learning in economics. The theory is silent about how individuals react to events that were previously unforeseeable or unforeseen. Recent theoretical literature has put forth axiomatic frameworks to analyze the unknown. In particular, we test if subjects...

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Bibliographic Details

Main Authors:	Becker, Christoph (Author) , Melkonyan, Tigran A. (Author) , Proto, Eugenio (Author) , Sofianos, Andis (Author) , Trautmann, Stefan T. (Author)
Format:	Book/Monograph Working Paper
Language:	English
Published:	Bonn, Germany IZA - Institute of Labor Economics October 2020
Series:	Discussion paper series / IZA no. 13821
In:	Discussion paper series (no. 13821)
Subjects:	Graue Literatur
Online Access:	Verlag, kostenfrei: http://ftp.iza.org/dp13821.pdf Verlag, kostenfrei: https://www.iza.org/publications/dp/13821/reverse-bayesianism-revising-beliefs-in-light-of-unforeseen-events Resolving-System, kostenfrei: http://hdl.handle.net/10419/227348
Author Notes:	Christoph K. Becker, Tigran Melkonyan, Eugenio Proto, Andis Sofianos, Stefan T. Trautmann