Uncertainty, learning and growth

The paper extends Blackburn and Galindev's (Economics Letters, Vol. 79 (2003), pp. 417-421) stochastic growth model in which productivity growth entails both external and internal learning behaviour with a constant relative risk aversion utility function and productivity shocks. Consequently, the relationship between long-term growth and short-term volatility depends not only on the relative importance of each learning mechanism but also on a parameter measuring individuals' attitude towards risk.

Robust Dynamic Pricing Over Infinite Horizon in The Presence of Model Uncertainty( 2* Journal)

This paper studies a problem of dynamic pricing faced by a retailer with limited inventory, uncertain about the demand rate model, aiming to maximize expected discounted revenue over an infinite time horizon. The retailer doubts his demand model which is generated by historical data and views it as an approximation. Uncertainty in the demand rate model is represented by a notion of generalized relative entropy process, and the robust pricing problem is formulated as a two-player zero-sum stochastic differential game. The pricing policy is obtained through the Hamilton-Jacobi-Isaacs (HJI) equation. The existence and uniqueness of the solution of the HJI equation is shown and a verification theorem is proved to show that the solution of the HJI equation is indeed the value function of the pricing problem. The results are illustrated by an example with exponential nominal demand rate.

The Uncertainty of Experience: On George Brecht's Event Scores

George Brecht, an artist best known for his associations with Fluxus, is considered to have made significant contributions to emerging traditions of conceptual art and experimental music in the early 1960s. His Event scores, brief verbal scores that comprised lists of terms or open-ended instructions, provided a signature model for indeterminate composition and were ‘used extensively by virtually every Fluxus artist’. This article revisits Brecht’s early writings and research to argue that, while Event scores were adopted within Fluxus performance, they were intended as much more than performance devices. Specifically, Brecht conceived of his works as ‘structures of experience’ that, by revealing the underlying connections between chanced forms, could enable a kind of enlightenment rooted within an experience of a ‘unified reality’.