Johnson, Timothy C. (contributor) - 2002 - [Elektronische Ressource]
, the posterior distribution stays normal at all times, with mean
and variance updated according to the recursion
…t+1 = …t … the right, goes from zero – corresponding to perfect information –
to 0.20, which I suggested above might be a reasonable … apparently inflated
prices and apparently negative expected excess returns in the shares of the new
industry, all of which are …