Titlebook: Bayesian Analysis and Uncertainty in Economic Theory; Richard M. Cyert,Morris H. DeGroot Book 1987 Richard M. Cyert and Morris H. DeGroot

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Lecture Notes in Computer Sciencery must acknowledge the great contributions it has made to our understanding of the functioning of the price system in the resource allocation process. At the same time it must be recognized that firms operate under conditions of uncertainty, and that the theory of decision making under uncertainty

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Lecture Notes in Computer Sciencehe kinked demand curve. The kinked demand curve represents a theoretical dilemma that is not uncommon in the social sciences (Stigler 1978). The dilemma concerns the inclusion or the exclusion of the model from the mixed bag represented by the classification “oligopoly theory.” The model has been in

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https://doi.org/10.1007/978-3-319-46843-3cular, we will apply our methodology to some problems in control theory. As indicated in chapter 3, we believe that control theory is appropriate for building mathematical models of the firm. We will develop an extension of the usual linear-quadratic, stochastic control problems in discrete time (Si

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https://doi.org/10.1007/978-3-319-46843-3ework. It is the investment in information that characterizes the adaptive utility function in the setting of sequential decision problems. The individual is trying to determine his or her preferences by gaining more information through consuming different commodities or different brands of the same

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Lecture Notes in Computer Sciencefor a firm since the amount of the investment determines in the long run whether the firm is expanding or contracting. The process has been studied extensively by economists with the objective of deriving an investment function for the economy as a whole under the assumption that management is makin