Download or read book Essays in the Allocation of Resources Under Uncertainty written by Lars Jonathan Olson and published by . This book was released on 1988 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Optimal Resource Allocation Under Uncertainty with Capacity Constraints written by Elizabeth Hoffman and published by . This book was released on 1979 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis brings together four papers on optimal resource allocation under uncertainty with capacity constraints. The first is an extension of the Arrow-Debreu contingent claim model to a good subject to supply uncertainty for which delivery capacity has to be chosen before the uncertainty is resolved. The second compares an ex-ante contingent claims market to a dynamic market in which capacity is chosen ex-ante and output and consumption decisions are made ex-post. The third extends the analysis to a storable good subject to random supply. Finally, the fourth examines optimal allocation of water under an appropriative rights system.
Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques Drèze and published by CUP Archive. This book was released on 1990-05-25 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
Download or read book Essays in the Economics of Uncertainty written by Jean-Jacques Laffont and published by Harvard University Press. This book was released on 1980 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.
Download or read book Social and Economic Factors in Decision Making under Uncertainty written by Kinga Posadzy and published by Linköping University Electronic Press. This book was released on 2017-11-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to improve the understanding of human behavior that goes beyond monetary rewards. In particular, it investigates social influences in individual’s decision making in situations that involve coordination, competition, and deciding for others. Further, it compares how monetary and social outcomes are perceived. The common theme of all studies is uncertainty. The first four essays study individual decisions that have uncertain consequences, be it due to the actions of others or chance. The last essay, in turn, uses the advances in research on decision making under uncertainty to predict behavior in riskless choices. The first essay, Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination, investigates whether preferences for fair rules undermine the efficiency of coordination mechanisms that put some individuals at a disadvantage. The results from a laboratory experiment show that the existence of coordination mechanisms, such as action recommendations, increases efficiency, even if one party is strongly disadvantaged by the mechanism. Further, it is demonstrated that while individuals’ behavior does not depend on the fairness of the coordination mechanism, their beliefs about people’s behavior do. The second essay, Dishonesty and Competition. Evidence from a stiff competition environment, explores whether and how the possibility to behave dishonestly affects the willingness to compete and who the winner is in a competition between similarly skilled individuals. We do not find differences in competition entry between competitions in which dishonesty is possible and in which it is not. However, we find that due to the heterogeneity in propensity to behave dishonestly, around 20% of winners are not the best-performing individuals. This implies that the efficient allocation of resources cannot be ensured in a stiff competition in which behavior is unmonitored. The third essay, Tracing Risky Decision Making for Oneself and Others: The Role of Intuition and Deliberation, explores how individuals make choices under risk for themselves and on behalf of other people. The findings demonstrate that while there are no differences in preferences for taking risks when deciding for oneself and for others, individuals have greater decision error when choosing for other individuals. The differences in the decision error can be partly attributed to the differences in information processing; individuals employ more deliberative cognitive processing when deciding for themselves than when deciding for others. Conducting more information processing when deciding for others is related to the reduction in decision error. The fourth essay, The Effect of Decision Fatigue on Surgeons’ Clinical Decision Making, investigates how mental depletion, caused by a long session of decision making, affects surgeon’s decision to operate. Exploiting a natural experiment, we find that surgeons are less likely to schedule an operation for patients who have appointment late during the work shift than for patients who have appointment at the beginning of the work shift. Understanding how the quality of medical decisions depends on when the patient is seen is important for achieving both efficiency and fairness in health care, where long shifts are popular. The fifth essay, Preferences for Outcome Editing in Monetary and Social Contexts, compares whether individuals use the same rules for mental representation of monetary outcomes (e.g., purchases, expenses) as for social outcomes (e.g., having nice time with friends). Outcome editing is an operation in mental accounting that determines whether individuals prefer to first combine multiple outcomes before their evaluation (integration) or evaluate each outcome separately (segregation). I find that the majority of individuals express different preferences for outcome editing in the monetary context than in the social context. Further, while the results on the editing of monetary outcomes are consistent with theoretical predictions, no existing model can explain the editing of social outcomes.
Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques H. Dreze and published by . This book was released on 1987 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Natural Resources Uncertainty and General Equilibrium Systems written by Alan S. Blinder and published by Elsevier. This book was released on 2013-10-22 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural Resources, Uncertainty, and General Equilibrium Systems: Essays in Memory of Rafael Lusky compiles a collection of works by economists who had been friends and colleagues of Rafael Lusky, a teacher in the University of Florida and contributor to theoretical resource economics. This book is divided into four sections— natural resources, uncertainty, general equilibrium systems, and policy and applications. In these sections, this text specifically discusses the resource depletion with technological uncertainty and the Rawlsian fairness principle; monopoly, uncertainty, and exploration; and price discrimination under uncertainty. The insurance theoretic aspects of workers' compensation; adverse selection and optimum insurance policies; and difficulty with Keynesian models of aggregate demand are also elaborated. This compilation likewise deliberates the exchange model of bilateral trade; optimal taxes on foreign lending; and extended linear permanent expenditure system (ELPES). This publication is a useful reference for economists and students concerned with theoretical resource economics.
Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques H. Drèze and published by . This book was released on 1987 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Allocation of Resources Under Uncertainty written by Michael Keren and published by . This book was released on 1968 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamic Timing Decisions Under Uncertainty written by Manh Hung Nguyen and published by . This book was released on 1991 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Allocation of Resources Under Uncertainty written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Economic Behavior Under Uncertainty written by Michael Balch and published by North-Holland. This book was released on 1974 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Contemporary Fields of Economics written by George Horwich and published by Purdue University Press. This book was released on 1981 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume honors Emanuel T. Weiler, the founder and first dean of Purdue University's School of Management and of the Krannert Graduate School of Management. Beginning in the mid-1950s, Weiler created a unique academic environment within which innovative and lasting contributions were made to both the teaching and content of economics and management. Members of the original economics faculty recruited by Weiler as well as several of their students wrote this collection of essays. All but one of the papers were prepared expressly for the volume and have not been published previously. The essays cover diverse areas which evolved from Weiler's leadership. The work has four major topical divisions (Economic Theory, Applied Economics, Macroeconomics, and Economics Education) plus a section of four memoirs.
Download or read book Technological Uncertainty and the Pure Theory of Allocation written by N. F. Laing and published by . This book was released on 1978 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamic Timing Decisions Under Uncertainty written by Nguyen M. Hung and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jay Forrester's Economic Dynamics was published in 1971 and The Limits to Growth by Dennis Meadows and his associates appeared a year later. The publication of those two books gave rise to twenty years of intense research into the economics of exhaustible resources, research which everywhere has had a substantial impact both on public debate and on academic curricula. And now, just as that line of research is losing steam, economists are focussing on problems associated with the degradation of the natural environment, problems which call for models which, in their formal structure, are quite similar to those already developed in resource economics. This is therefore an appropriate moment for the appearance of a thorough exposition of the economics of exhaustible resources. For that is what Nguyen Manh Hung and Nguyen Van Quyen have provided. Their splendid new book covers equally well the older Hotelling-inspired theory of cake-eating and the economics of search and R&D designed to uncover new and cheaper sources of supply. It provides an entree to the whole subject of resource economics, as well as many new discoveries which will be of interest to experienced researchers.
Download or read book The Rate and Direction of Inventive Activity written by National Bureau of Economic Research and published by Princeton University Press. This book was released on 2015-12-08 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book A note on centralized resource allocation under uncertainty written by Richard Eric Ericson and published by . This book was released on 1980 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
