Download or read book Parametric Certainty Equivalence Procedures in Decision making Under Uncertainty written by Leif Johansen and published by . This book was released on 1981 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Decisions Under Uncertainty written by J.K. Sengupta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the stochastic enviornment is as much important to the manager as to the economist. From production and marketing to financial management, a manager has to assess various costs imposed by uncertainty. The economist analyzes the role of incomplete and too often imperfect information structures on the optimal decisions made by a firm. The need for understanding the role of uncertainty in quantitative decision models, both in economics and management science provide the basic motivation of this monograph. The stochastic environment is analyzed here in terms of the following specific models of optimization: linear and quadratic models, linear programming, control theory and dynamic programming. Uncertainty is introduced here through the para meters, the constraints, and the objective function and its impact evaluated. Specifically recent developments in applied research are emphasized, so that they can help the decision-maker arrive at a solution which has some desirable charac teristics like robustness, stability and cautiousness. Mathematical treatment is kept at a fairly elementary level and applied as pects are emphasized much more than theory. Moreover, an attempt is made to in corporate the economic theory of uncertainty into the stochastic theory of opera tions research. Methods of optimal decision rules illustrated he re are applicable in three broad areas: (a) applied economic models in resource allocation and economic planning, (b) operations research models involving portfolio analysis and stochastic linear programming and (c) systems science models in stochastic control and adaptive behavior.
Download or read book Optimal Control Expectations and Uncertainty written by Sean Holly and published by Cambridge University Press. This book was released on 1989-07-20 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions.
Download or read book Macroeconomic Prospects for a Small Oil Exporting Country written by O. Bjerkholt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Value of Consumer Information written by Rulon D. Pope and published by . This book was released on 1984 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collected Works of Leif Johansen written by Leif Johansen and published by . This book was released on 1987 with total page 858 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Production Multi Sectoral Growth and Planning written by F.R. Førsund and published by Elsevier. This book was released on 2014-06-28 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Leif Johansen's contributions to economic science are well documented in his articles and essays for economic journals, symposium volumes and Festschrifts, all of which are to be published by North-Holland. When initiating the idea of this collection, Professor Dale W. Jorgenson also suggested a memorial volume by associates and others that would include papers devoted to research topics directly inspired by Leif Johansen. In the present volume this idea is realised. Three topics are covered: production theory, multisectoral growth models and planning. The papers presented here were either under work at the time of Leif Johansen's death or prepared especially for this volume.
Download or read book Quantitative Economic Policies and Interactive Planning written by Andrew J. Hughes Hallett and published by CUP Archive. This book was released on 1983-01-20 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamic Modelling and Control of National Economies 1983 written by T. Basar and published by Elsevier. This book was released on 2014-05-17 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Modelling and Control of National Economies 1983 contains the proceedings of the Fourth IFAC/IFORS/IIASA Conference and the 1983 SEDC Conference on Economic Dynamics and Control held at Washington D.C., USA on June17-19, 1983. Separating the 65 papers presented in the conference as chapters, this book covers a broad class of problems or notions arising both in economic theory, control applications to planning, and implementation issues. Some chapters discuss multi-level interactions of government and private sectors in economic development; inflation and economic policy in an open economy; foreign debt and exchange rate stability in a developing country; and expectations in numerical general equilibrium models. This book also explains a rational decision-making process for resource policymaking; inference of the structure of economic reasoning from natural language analysis; modeling and analysis of a national economy; and methodological issues in global modeling. Econometric analysis of the economic effects of population change, aspects of optimal estimation control strategies in econometrics, and optimal policies for interdependent economies are also discussed. This book will be useful to those engaged in economic and control theory research.
Download or read book Journal of Economic Literature written by and published by . This book was released on 1982 with total page 1250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Information and Efficiency in Economic Decision written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco nomics, but in decision-making situations it has stochastic and evolution ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be definitive on all aspects of the issues involved. However questions that appear to be most important in this author's view are emphasized in many cases, without drawing any definite conclusions. It is hoped that these questions would provoke new interest for those beginning researchers in the field who are currently most active. Various classifications of information structures and their relevance for optimal decision-making in a stochastic environment are analyzed in some detail. Specifically the following areas are illustrated in its analytic aspects: 1. Stochastic optimization in linear economic models, 2. Stochastic models in dynamic economics with problems of time-inc- sistency, causality and estimation, 3. Optimal output-inventory decisions in stochastic markets, 4. Minimax policies in portfolio theory, 5. Methods of stochastic control and differential games, and 6. Adaptive information structures in decision models in economics and the theory of economic policy.
Download or read book Developments of Control Theory for Economic Analysis written by Carlo Carraro and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Giovanni Castellani Rector of the University of Venice This book contains the Proceedings of the Conference on "Economic Policy and Control Theory" which was held at the University of Venice (Italy) on 27 January-l February 1985. The goal of the Conference was to survey the main developments of control theory in economics, by emphasizing particularly new achievements in the analysis of dynamic economic models by con trol methods. The development of control theory is strictly related to the development of science and technology in the last forty years. Control theory was indeed applied mainly in engineering, and only in the sixties economists started using control methods for analys ing economic problems, even if some preliminary economic applica tions of calculus of variations, from which control theory was then developed, date back to the twenties. Applications of control theory in economics also had to solve new, complicated, problems, like those encountered in optimal growth models, or like the determination of the appropriate inter temporal social welfare function, of the policy horizon and the relative final state of the system, of the appropriate discount factor. Furthermore, the uncertainty characterizing economic models had to be taken into account, thus giving rise to the development of stochastic control theory in economics.
Download or read book Control Theory and Dynamic Games in Economic Policy Analysis written by Maria Luisa Petit and published by Cambridge University Press. This book was released on 1990 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the stabilisation and control of centralised policy-making and its economic implications.
Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 1992-06-15 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: Victor Zarnowitz has long been a leader in the study of business cycles, growth, inflation, and forecasting. These papers represent a carefully integrated and up-to-date study of business cycles, reexamining some of his earlier research as well as addressing recent developments in the literature and in history. In part one, Zarnowitz reviews with characteristic insight various theories of the business cycle, including Keynesian and monetary theories as well as more recent rational expectations and real business cycle theories. In doing so, he examines how the business cycle may have changed as the size of government, the exercise of fiscal and monetary policies, the openness of the economy to international forces, and the industrial structure have evolved over time. Emphasizing important research from the 1980s, Zarnowitz discusses in part two various measures of the trends and cycles in economic activity, including output, prices, inventories, investment in residential and nonresidential structures, equipment, and other economic variables. Here the author explores the duration and severity of U.S. business cycles over more than 150 years, and evaluates the ability of macro models to simulate past behavior of the economy. In part three the performance of leading, coincident, and lagging indicators is described and assessed and evidence is presented on the value of their composite measures. Finally, part four offers an analysis of the degree of success of large commercial forecasting firms and of many individual economists in predicting the course of inflation, real growth, unemployment, interest rates, and other key economic variables. Business Cycles is a timely study, certain tobecome a basic reference for professional forecasters and economists in government, academia, and the business community.
Download or read book What Every Engineer Should Know About Decision Making Under Uncertainty written by John X. Wang and published by CRC Press. This book was released on 2002-07-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covering the prediction of outcomes for engineering decisions through regression analysis, this succinct and practical reference presents statistical reasoning and interpretational techniques to aid in the decision making process when faced with engineering problems. The author emphasizes the use of spreadsheet simulations and decision trees as important tools in the practical application of decision making analyses and models to improve real-world engineering operations. He offers insight into the realities of high-stakes engineering decision making in the investigative and corporate sectors by optimizing engineering decision variables to maximize payoff.
Download or read book Key to Economic Science and Managerial Sciences written by and published by . This book was released on 1981 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Decision Making in Natural Resource Management written by Michael J. Conroy and published by John Wiley & Sons. This book was released on 2013-01-03 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended for use by natural resource managers and scientists, and students in the fields of natural resource management, ecology, and conservation biology, who are confronted with complex and difficult decision making problems. The book takes readers through the process of developing a structured approach to decision making, by firstly deconstructing decisions into component parts, which are each fully analyzed and then reassembled to form a working decision model. The book integrates common-sense ideas about problem definitions, such as the need for decisions to be driven by explicit objectives, with sophisticated approaches for modeling decision influence and incorporating feedback from monitoring programs into decision making via adaptive management. Numerous worked examples are provided for illustration, along with detailed case studies illustrating the authors’ experience in applying structured approaches. There is also a series of detailed technical appendices. An accompanying website provides computer code and data used in the worked examples. Additional resources for this book can be found at: www.wiley.com/go/conroy/naturalresourcemanagement.
