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Keywords:

  • subjective belief;
  • imprecise information;
  • ambiguity;
  • Steiner point
  • D81

This paper axiomatically studies a family of preference orderings indexed by variable, objective and generally imprecise information. It characterizes functional relationships between objective information and subjective beliefs. In particular, it establishes the contraction model due to Gajdos, Hayashi, Tallon, and Vergnaud (2008) without relying on identifying direct preference over information.