Abstract:We present a model of inductive inference that includes, as special cases, Bayesian reasoning, case-based reasoning, and rulebased reasoning. This unified framework allows us to examine how the various modes of inductive inference can be combined and how their relative weights change endogenously. For example, we establish conditions under which an agent who does not know the structure of the data generating process will decrease, over the course of her reasoning, the weight of credence put on Bayesian vs. non… Show more
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