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I propose a normative updating rule, extended Bayesianism, for the incorporation of probabilistic information arising from the process of becoming more aware. Extended Bayesianism generalizes standard Bayesian updating to allow the posterior to reside on richer probability space than the prior. I then provide a behavioral characterization of this rule to conclude that a decision maker's subjective expected utility beliefs are consistent with extended Bayesianism.
Original languageEnglish
Article number105235
JournalJournal of Economic Theory
Early online date16 Mar 2021
Publication statusPublished - Apr 2021

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