2 edition of Expected-utility-maximizing price search with learning found in the catalog.
by College of Commerce and Business Administration, University of Illinois at Urbana-Champaign in [Urbana, Ill.]
Written in English
Includes bibliographical references (p. ).
|Statement||Ronald Morris Harstad, Andrew Postlewaite|
|Series||Faculty working papers -- no. 546, Faculty working papers -- v no. 546.|
|Contributions||Postlewaite, A. joint author, University of Illinois at Urbana-Champaign. College of Commerce and Business Administration|
|The Physical Object|
|Pagination||9, 5,  p. ;|
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EXPECTED-UTILITY-MAXIMIZING PRICE SEARCH WITH LEARNING 77 The actual (but unknown) probability distribution over P, a multinominal, is characterized by II = (7., A, where A is the simplex in R i +Ti the probabil-ity that any given price quotation will be pi. The searcher updates by Bayes' rule a.
Expected-Utility-Maximizing Price Search with Learning Article (PDF Available) in Management Science 27(1) January with 14 Reads How we measure 'reads'. Abstract. We consider a model of search when the distribution of prices Expected-utility-maximizing price search with learning book is unknown.
The effect of changing the objective function from minimizing expected cost to maximizing expected utility is on analysis: sequential, dynamic programming: Bayesian, utility/preference: applicationsAuthor: Ronald M.
Harstad and Andrew Postlewaite. Ronald M. Harstad ("Expected-Utility-Maximizing Price Search with Learning") is an Assistant Professor of Economics at the University of Illinois at Urbana-Champaign, on leave to the University of British Colum-bia, Vancouver, British Columbia V6T iW5, Canada, during when the revised ver-sion was submitted.
He received his Ph.D. Financial Economics Expected Utility Maximization. Risk Indifference. Risk indifference means that the individual chooses the gamble to maximize expected wealth E (w) The individual is risk indifferent if and only if the utility function is linear, u (w)= a + bw.
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In the process, you will learn about expected utility, the framework that allows us to deal with uncertainty in economic modeling. And it's one of those groundbreaking ideas in economics.
It is by now probably more than 60 years old, and basically it's based on the idea that individuals, when they're faced with uncertainty, they maximize the.
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