The OCaml Journal just published an article describing the use of labeled and optional function arguments:
"The OCaml programming language provides a variety of useful features that are not found in many other functional programming languages. This is why OCaml is widely accepted as a functional language for practical use. Labeled and optional function arguments are two related features that can be used to great effect in simplifying interfaces. This article introduces the syntax required to define and use both labeled and optional arguments in OCaml and describes some pedagogical uses of these features, with references to existing libraries, as well as examining some of the problems often encountered by programmers using these features..."
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