Economic Information, Decision, and Prediction: Selected by Jacob Marshak (auth.)

By Jacob Marshak (auth.)

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Ith row=i's messages and actions. In a stationary team there exists a set of rules R = (Rlo ... =R(~-l), i=I, ... ,n. The team's gross gain for the period ending at T depends on the sequence of external events, a;; and on the sequence of actions taken, a;'; but since the latter depend on a; and on the rule R, the gross gain is u(a;, R), say. The cost of communications will also depend on R. Hence the net gain is v(a;, R), say. The distribution of external states tI" depends, in general, on the sequence of previous states as well as on the sequence of previous actions ('controlled stochastic process').

2. Activities To each individual i corresponds an action variable al' Moreover, to each individual i corresponds a set Xi of the values of the variable (possibly a group of variables) that he can observe, and the value he has actually observed can be denoted by Xi EX i' For example, Xl = economic conditions, x2=political conditions, etc. > ... , x n). , a statement about the external world, of the form that is, a report states that the observation Xi made by the reporter belongs to a subset Xij of Xi' The report can thus be identified as the set XI}.

2, 16 February-IS May 1950, Office of Naval Research, Project NR 047001. Marschak, Jacob, [1] 'Role of Liquidity under Complete and Incomplete Information', Papers and Proceedings, American Economic Review 39 (May, 1949) 182-195, with discussion by F. Modigliani and J. Tobin. (Abstracts in Econometrica 17 (April, 1949) 180-184). Marschak, Jacob, [2] 'Optimal Aggregation of Inventories under Certainty' (hectographed), Cowles Commission Discussion Paper, Economics No. 2015, March 30, 1951. Masse, Pierre, [1] Les Reserves et la regulation de l'avenir dans la vie economique, Hermann, Paris, 1946; Vol.

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