Bayesian Analysis and Uncertainty in Economic Theory III the role played by relaxation formatIsbn:Softcover 9783540039327 the role played by relaxation processes is discussed for optical phenomena in macromolecules and biological system such as photosynthesis Although these characteristics are very important in a variety of applications we have attempted to contribute to economic theory by formalizing models of the actual pro cess of decision making under uncertainty We were attracted to the Bayesian approach because it seemed the best analytic framework available for dealing with decision making under uncertainty