Caprio and Gong

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Dynamic Precise and Imprecise Probability Kinematics

We introduce dynamic probability kinematics (DPK), a method for an agent to mechanically update subjective beliefs in the presence of partial information. We then generalize DPK to dynamic imprecise probability kinematics (DIPK), which allows the agent to express their initial beliefs via a set of probabilities in order to further take ambiguity into account. Examples are provided to illustrate how the methods work.