Sets of desirable gambles constitute a quite general type of uncertainty model with an interesting geometrical interpretation. We study exchangeability assessments for such models, and prove a counterpart of de Finetti's finite representation theorem. We show that this representation theorem has a very nice geometrical interpretation. We also lay bare the relationships between the representations of updated exchangeable models, and discuss conservative inference (natural extension) under exchangeability.
Keywords. desirability, weak desirability, sets of desirable gambles, coherence, exchangeability, representation, natural extension, updating
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Gert De Cooman
Technologiepark - Zwijnaarde 914
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