Hong, Chew Soo; Sagi, Jacob S. - In: Econometrica 74 (2006) 3, pp. 771-786
Building on the Ramsey-de Finetti idea of event exchangeability, we derive a characterization of probabilistic sophistication without requiring any of the various versions of monotonicity, continuity, or comparative likelihood assumptions imposed by Savage (1954), Machina and Schmeidler (1992),...