“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP).

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When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. In October 2024, news broke that Facebook parent company Meta had cracked an "impossible" problem ...

Abstract: In this article, we consider the discrete-time rational expectations model with state delays. In particular, the dynamic equation relies both on the history of states and the conditional ...

Rational functions are fundamental in mathematics, particularly in calculus and algebra, serving as building blocks for more complex mathematical models and analyses. Understanding what constitutes a ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

In today's education system, you might see a new type of question in your exams– competency-based questions. Unlike traditional questions that just ask you to remember facts, these questions want you ...

Neural networks are computing systems designed to mimic both the structure and function of the human brain. Caltech researchers have been developing a neural network made out of strands of DNA instead ...