Bayesian Analysis and Uncertainty in Economic Theory

  • Richard M. Cyert
  • Morris H. DeGroot

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Richard M. Cyert, Morris H. DeGroot
    Pages 1-6
  3. Richard M. Cyert, Morris H. DeGroot
    Pages 7-26
  4. Richard M. Cyert, Morris H. DeGroot
    Pages 27-40
  5. Richard M. Cyert, Morris H. DeGroot
    Pages 41-56
  6. Richard M. Cyert, Morris H. DeGroot
    Pages 74-92
  7. Richard M. Cyert, Morris H. DeGroot
    Pages 93-108
  8. Richard M. Cyert, Morris H. DeGroot
    Pages 109-126
  9. Richard M. Cyert, Morris H. DeGroot
    Pages 127-143
  10. Richard M. Cyert, Morris H. DeGroot
    Pages 144-151
  11. Richard M. Cyert, Morris H. DeGroot
    Pages 152-161
  12. Richard M. Cyert, Morris H. DeGroot
    Pages 162-170
  13. Richard M. Cyert, Morris H. DeGroot
    Pages 171-185
  14. Richard M. Cyert, Morris H. DeGroot
    Pages 186-188
  15. Back Matter
    Pages 189-206

About this book

Introduction

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.

Keywords

economic theory

Authors and affiliations

  • Richard M. Cyert
    • 1
  • Morris H. DeGroot
    • 1
  1. 1.Carnegie Mellon UniversityPittsburghUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-3163-3
  • Copyright Information Springer Science+Business Media B.V. 1987
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7922-8
  • Online ISBN 978-94-009-3163-3
  • About this book