Discussion on the papers by Brown, Philip J., Aspects of multivariate regression and by Dempster, Arthur P., Bayesian inference in applied statistics, both of them part of a round table on Regression and time series held in the First International Congress on Bayesian Methods (Valencia, Spain, 28 May - 2 June 1979).
The motivation for this paper arises out of the authors experiences in modelling real decision makers where the decisions show not only a continuous response to a continuously changing environment but also sudden or discontinuous changes. The theoretical basis involves a parametric characterisation of the environment, a decision makers perception of it in terms of a twice differentiable Distribution Function and a bounded Loss Function. Under a specified minimizing dynamic, the resultant Expected...
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