Foundations of Bayesian theory

This paper states necessary and sufficient conditions for the existence, uniqueness, and updating according to Bayes’ rule, of subjective probabilities representing individuals’ beliefs. The approach is preference based, and the result is an axiomatic subjective expected utility model of Bayesian decision making under uncertainty with state-dependent preferences. The theory provides foundations for the existence of prior probabilities representing decision makers’ beliefs about the likely realization of events and for the updating of these probabilities according to Bayes’ rule.     

Subjective expected utility theory without states of the world

This paper develops an axiomatic theory of decision-making under uncertainty that dispenses with the state-space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to a positive linear transformation.     

Similarities and Differences in the Academic Education of Software Engineering and Architectural Design Professionals

This article focuses on the similarities and differences in the academic education of software engineers and architects. The rationale for this work stems from our observation, each from the perspective of her or his own discipline, that these two professional design and development processes share some similarities. A pilot study was performed, in which 24 practitioners (12 software engineers and 12 architects) were interviewed concerning the main characteristics of the two professions. The characteristics were classified according to four categories: discipline-related characteristics, professional skills, characteristics of typical problems and processes, and characteristics of a typical product. Data analysis indicates that according to the practitioners, while the professional skills required of professionals in the two disciplines are mostly common, the difference between the two disciplines is reflected most significantly in the features of the product created in the two professional processes. Based on this observation, some conclusions are outlined with respect to the academic education in the two fields.     

A simple test of the theory of the short-run Phillips curve

The theory of the Phillips curve is reexamined taking into account the relationship between workers and firms. Emphasis is given to the firm's role in determining employment and hours over the business cycle. Empirical relations between real wages, employment and unemployment using distributed lag estimation are examined.