Flexibility and Adjustment to Information in Sequential Decision Problems

A Systematic Approach

Häftad, Engelska, 1991

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This work, adopting an economic theoretical stance, offers a systematic approach to sequential decision problems. The emphasis of the book is on the interplay between irreversibility, uncertainty and information. In particular, it demonstrates how flexibility considerations can be modelled in a general choice-theoretical framework. Examples drawn from capital and investment theory are included.

Produktinformation

Utgivningsdatum1991-12-11
Mått170 x 242 x 12 mm
Vikt372 g
FormatHäftad
SpråkEngelska
SerieLecture Notes in Economics and Mathematical Systems
Antal sidor198
FörlagSpringer-Verlag Berlin and Heidelberg GmbH & Co. KG
ISBN9783540546450

Tillhör följande kategorier

1 The Importance of Irreversibility and Learning — Familiar Examples Revisited.- 1.1 Neoclassical Investment Models: A Brief Survey.- 1.2 Flexible Manufacturing Systems.- 1.3 Conclusions.- 2 The Role of Irreversibility and Learning in Sequential Decision Problems — Basic Concepts.- 2.1 The Two-Period Model without Uncertainty.- 2.2 The Two-Period Model with Uncertainty.- 2.3 Switching Costs.- 2.4 Summary and Outlook.- 3 Determinants of the Optimal Choice in Sequential Decision Problems — The Two-Period Case.- 3.1 The Formulation of the Problem.- 3.2 The Influence of the Choice Set.- 3.3 The Impact of the Decision Criterion.- 3.4 The Impact of the Information Structure.- 3.5 The Two-Period Model — Final Thoughts.- 4 A T-Period Model of Intertemporal Choice with Irreversibility and Uncertainty.- 4.1 The General T-Period Model of Choice.- 4.2 Some Generalities on Intertemporal Planning.- 4.3 Modelling Rolling Myopic Plans.- 4.4 Final Remarks on the T-Period Model.- 5 Consumption and Savings Decisions of Households.- 5.1 Motives for the Demand for Money — Some Familiar Tenets.- 5.2 The Structure of the Model.- 5.3 Money Demand when there are no Transaction Costs.- 5.4 Transaction Costs.- Epilogue.- References.