 Learning and DiscoveryNo WP7R05, Risk & Uncertainty Working Papers from Risk and Sustainable Management Group, University of Queensland Abstract: We formulate a dynamic framework for an individual decision-maker within which discovery of previously unconsidered propositions is possible. Using a standard game-theoretic representation of the state space as a tree structure generated by the actions of agents (including acts of nature), we show how unawareness of propositions can be represented by a coarsening of the state space. Furthermore we develop a semantics rich enough to describe the individual's awareness that currently undiscovered propositions may be discovered in the future. Introducing probability concepts, we derive a representation of ambiguity in terms of multiple priors, reflecting implicit beliefs about undiscovered proposition, and derive conditions for the special case in which standard Bayesian learning may be applied to a subset of unambiguous propositions. Finally, we consider exploration strategies appropriate to the context of discovery, comparing and contrasting them with learning strategies appropriate to the context of justification, and sketch applications to scientific research and entrepreneurship. Date: 2005-07 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:rsm:riskun:r05_7 Access Statistics for this paper More papers in Risk & Uncertainty Working Papers from Risk and Sustainable Management Group, University of Queensland Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.