BAYESIAN ANALYSIS AND UNCERTAINTY IN ECONOMIC THEORY by Morris H. DeGroot, Richard Michael Cyert (Editor) ( 9780412305306 )

Item Details

Title:

BAYESIAN ANALYSIS AND UNCERTAINTY IN ECONOMIC THEORY

By:

Morris H. DeGroot, Richard Michael Cyert (Editor)

Format:

Hardback

List price:	£72.00
We currently do not stock this item, please contact the publisher directly for further information.

ISBN 10:

0412305305

ISBN 13:

9780412305306

Publisher:

CHAPMAN AND HALL

Pub. date:

30 July, 1987

Pages:

222

Synopsis:

We began this research with the objective of applying Bayesian methods of analysis to various aspects of economic theory. We were attracted to the Bayesian approach because it seemed the best analytic framework available for dealing with decision making under uncertainty, and the research presented in this book has only served to strengthen our belief in the appropriateness and usefulness of this methodology. More specif- ically, we believe that the concept of organizational learning is funda- mental to decision making under uncertainty in economics and that the Bayesian framework is the most appropriate for developing that concept. The central and unifying theme of this book is decision making under uncertainty in microeconomic theory. Our fundamental aim is to explore the ways in which firms and households make decisions and to develop models that have a strong empirical connection. Thus, we have attempted to contribute to economic theory by formalizing models of the actual pro- cess of decision making under uncertainty. Bayesian methodology pro- vides the appropriate vehicle for this formalization.

Illustrations:

biography

Publication:

Imprint:

Chapman and Hall

Returns:

Returnable

Some other items by this author:

A BEHAVIORAL THEORY OF THE FIRM

BAYESIAN ANALYSIS AND UNCERTAINTY IN ECONOMIC THEORY (HB)

BAYESIAN ANALYSIS AND UNCERTAINTY IN ECONOMIC THEORY (PB)

OPTIMAL STATISTICAL DECISIONS