Open Problems in the Foundations of Price Formation Dynamics

Erkenntnis 30 (1):87-99 (1989)

Abstract

The aim of the present paper is to attack some of the conceptual problems that arise when the framework of mathematical learning theory is applied to the description of the behavior of the firm, in setting prices and production quotas, in a competitive market. The goal is to depict the process by which the firm fixes prices and production quotas as a stochastic learning process. A solution to such problems is proposed which is based on statistical-decision concepts. The conceptualization of the behavior of the firm by means of concepts pertaining to mathematical learning theory gives rise to certain mathematical problems, which are formulated here in rather precise terms.

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