On the Rationale of the Bayesian Approach: Comments on Professor Watkins’s Paper
The main thrust of John Watkins’s paper (Watkins, 1977) is criticism of the Bayesian approach. The strange thing is that he never even mentions the standard arguments for the Bayesian approach, and certainly makes no attempt to refutethese arguments. In fact, he writes as if he were quite unfamiliar with the basic literature on Bayesian theory, which contains a thorough discussion of these arguments.
KeywordsUtility Function Equilibrium Point Bayesian Approach Expected Utility Payoff Matrix
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