International Economics.

Takayama, Akira; Mundell, Robert A.

doi:10.2307/2325789

Cited by 15 publications

(19 citation statements)

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“…20 Suppose now that each particular type of individual takes a particular simple gamble over commodities. Suppose that q 21 If these gambles over commodity bundles are independent over all individuals, Theorem 1 implies that the type which is selected maximizes the following expression for overall expected offspring:…”

Section: Expected Utilitymentioning

confidence: 99%

A Biological Basis for Expected and Non-expected Utility

Robson

1996

Journal of Economic Theory

161

116

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A biological model is developed here to determine the fittest attitude to risk. With a fixed environment, the type maximizing expected offspring is selected. This yields the expected utility theorem when translated into a criterion for evaluating gambles over commodities. With a random environment, however, the type selected is strictly less averse to idiosyncratic risk than to risk which is correlated across all individuals. The implied criterion for choice over gambles does not satisfy the expected utility theorem and may induce choice of a gamble which is first-order stochastically dominated. Journal of Economic Literature Classification Number: D81.

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Section: Expected Utilitymentioning

confidence: 99%

A Biological Basis for Expected and Non-expected Utility

Robson

1996

Journal of Economic Theory

161

116

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“…Tucker and I were made aware of the work of John when our paper was in galley proofs; the evidence of this fact is that when we inserted a reference to his paper in the references, we did not renumber the bibliography correctly. On the other hand, I did not find out about the work of Karush until 1974, when the book of Takayama (1974) on mathematical economics was published. Takayama's book was the first citation of Karush's work that I read.…”

Section: Professor Of Mathematicalmentioning

confidence: 99%

Being in the Right Place at the Right Time

Kuhn

2002

Operations Research

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“…A basic result of general equilibrium theory (Takayama, 1985) states that if the utility function of every agent is quasiconcave and twice differentiable, then E has a unique competitive equilibrium. 6 Observe that any competitive equilibrium can be viewed as a conjectural equilibrium, for an appropriate interpretation of conjectures.…”

Section: General Equilibrium Model Definitionmentioning

confidence: 99%

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Wellman

1998

Machine Learning

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Abstract. Learning in a multiagent environment is complicated by the fact that as other agents learn, the environment effectively changes. Moreover, other agents' actions are often not directly observable, and the actions taken by the learning agent can strongly bias which range of behaviors are encountered. We define the concept of a conjectural equilibrium, where all agents' expectations are realized, and each agent responds optimally to its expectations. We present a generic multiagent exchange situation, in which competitive behavior constitutes a conjectural equilibrium. We then introduce an agent that executes a more sophisticated strategic learning strategy, building a model of the response of other agents. We find that the system reliably converges to a conjectural equilibrium, but that the final result achieved is highly sensitive to initial belief. In essence, the strategic learner's actions tend to fulfill its expectations. Depending on the starting point, the agent may be better or worse off than had it not attempted to learn a model of the other agents at all.

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International Economics.

Cited by 15 publications

References 0 publications

A Biological Basis for Expected and Non-expected Utility

A Biological Basis for Expected and Non-expected Utility

Being in the Right Place at the Right Time

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