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Bayesian Analysis and Uncertainty in Economic Theory

  • Book
  • © 1987

Overview

Authors:
  1. Richard M. Cyert

    1. Carnegie Mellon University, Pittsburgh, USA

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    You can also search for this author in PubMed   Google Scholar

  2. Morris H. DeGroot

    1. Carnegie Mellon University, Pittsburgh, USA

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    You can also search for this author in PubMed   Google Scholar

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Table of contents (14 chapters)

  1. Front Matter

    Pages i-xiv
    Download chapter PDF

  2. Introduction

    • Richard M. Cyert, Morris H. DeGroot
    Pages 1-6

  3. Bayesian Decision Theory

    • Richard M. Cyert, Morris H. DeGroot
    Pages 7-26

  4. Behavioral and Control Theory of the Firm

    • Richard M. Cyert, Morris H. DeGroot
    Pages 27-40

  5. Bayesian Analysis and Duopoly Theory

    • Richard M. Cyert, Morris H. DeGroot
    Pages 41-56

  6. Multiperiod Decision Models with Alternating Choice as a Solution to the Duopoly Problem

    • Richard M. Cyert, Morris H. DeGroot
    Pages 57-73

  7. Cooperation and Learning in a Duopoly Context

    • Richard M. Cyert, Morris H. DeGroot
    Pages 74-92

  8. Interfirm Learning and the Kinked Demand Curve

    • Richard M. Cyert, Morris H. DeGroot
    Pages 93-108

  9. Sequential Strategies in Dual Control Problems

    • Richard M. Cyert, Morris H. DeGroot
    Pages 109-126

  10. Adaptive Utility

    • Richard M. Cyert, Morris H. DeGroot
    Pages 127-143

  11. Some Examples of Adaptive Utility

    • Richard M. Cyert, Morris H. DeGroot
    Pages 144-151

  12. Sequential Investment Decisions

    • Richard M. Cyert, Morris H. DeGroot
    Pages 152-161

  13. Capital Allocation within Firms

    • Richard M. Cyert, Morris H. DeGroot
    Pages 162-170

  14. Rational Expectations

    • Richard M. Cyert, Morris H. DeGroot
    Pages 171-185

  15. Epilogue

    • Richard M. Cyert, Morris H. DeGroot
    Pages 186-188

  16. Back Matter

    Pages 189-206
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Keywords

About this book

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.

Authors and Affiliations

  • Carnegie Mellon University, Pittsburgh, USA

    Richard M. Cyert, Morris H. DeGroot

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