We develop an alternative approach to the general equilibrium analysis of a stochastic production economy when firms' choices of investment influence the probability distributions of their output.
Probability underpins AI, cryptography and statistics. However, as the philosopher Bertrand Russell said, “Probability is the most important concept in modern science, especially as nobody has the ...
The classical approach to probability theory requires that estimates for probability distributions be based on empirical data. However, in many practical cases, the available data may not be available ...
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