Epstein, Larry G. (contributor); … - 2006
state space S
t
= S. The triple (Θ,µ
0
,null)
is the decision-maker’s theory of how data are generated. This theory … likelihoods. An important difference, however, is that our model is consistent
with a coherent axiomatic theory of dynamic choice … was generated. A theory is a pair (µ
0
,null
t
),whereµ
0
is a prior belief on
Θ and null
t
=(null
1
,..,null
t
) ∈ L
t
is …