Research ArticleOpen accessIn the keywordsBayesian Framework in Repeated-Play Decision MakingYohei Kobayashi, Takemi FujikawaProblem statement: There have been much reported on decisions from experience, also referred to as decisions in a complete ignorance fashion. Approach: This note lays out a Bayesian decision-theoretical framework that provides a computable account for decisions from experience. Results: To make the framework more tractable, this note sets up and examines decisions in an incomplete ignorance fashion. The current … …American Journal of Applied Sciences, Vol. 9, Issue 4 · 18 Feb 2012 · 6,717 accessesView PDFCite
Research ArticleOpen accessIn the abstractPrice-Taking in General EquilibriumMurray C. KempThe Arrow-Debreu and McKenzie existence propositions of 1954 rest on the assumption of price-taking behaviour by households and firms. No attempt was made to justify the assumption or to relate it to other assumptions. It is here suggested that, given other assumptions common to the Arrow-Debreu and McKenzie models, price-taking implies that each household is incompletely informed and/or incompletely rational. … …American Journal of Applied Sciences, Vol. 2, Issue 13 · 22 Dec 2005 · 7,717 accessesView PDFCite