Theorists love to refer to "Savage's small worlds" assumption. I don't get it. Please explain.
Explain "small worlds" to me like I'm 5
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You are in a small world when it is possible to “look before you leap”,and you are in a large world when you must “cross the bridge when you come to it”(Savage, 1954, p.16)
This requires more context and extrapolation than five-year-old me is capable of.
never mind
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In a small world, you can look before you leap in the sense that you can anticipate all possible outcomes (and place subjective probabilities on them). In a large world, there are events or states of the world that you never considered and therefore for which you have no subjective probabilities.
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In a small world, you can look before you leap in the sense that you can anticipate all possible outcomes (and place subjective probabilities on them). In a large world, there are events or states of the world that you never considered and therefore for which you have no subjective probabilities.
aren't we obviously living in a large world but basically all our models assume a small world then?