{"product_id":"flexibility-and-adjustment-to-information-in-sequential-decision-problems-a-systematic-approach-von-armin-schmutzler","title":"Flexibility and Adjustment to Information in Sequential Decision Problems","description":"1 The Importance of Irreversibility and Learning - Familiar 11 Bxamples Revisited 1. 1 Neoclassical Investment Models: A Brief Survey 11 1. 1. 1 The Standard Neoclassical Investment Theory Model 13 1. 1. 2 The Investment Model with Adjustment Costs 15 1. 1. 3 The Irreversibility of Investment 17 1. 1. 4 Delivery Lags 18 1. 2 Flexible Manufacturing Systems 22 1. 2. 1 Some Basic Facts about Manufacturing 23 1. 2. 2 The Determinants of the Flexibility of Manufacturing Systems 25 1. 2. 3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The Two-Period Model without Uncertainty 33 2. 1. 1 The Elements of the Model 34 2. 1. 2 Economic Examples 37 2. 1. 3 Some Basic Results 39 2. 1. 4 Intertemporal Opportunity Costs 42 2. 2 The Two-Period Model with Uncertainty 46 2. 2. 1 The Elements of the Kodel 46 2. 2. 2 Special Cases 50 2. 2. 3 Flexibility and the Value of Information 54 2. 2. 4 An Example: Waiting to Invest 56 2. 3 Switching Costs 59 2. 3. 1 The Extended Model 59 2. 3. 2 An Example: Money Demand as Demand for Flexibility 61 2. 4 Summary and Outlook 63 3 Determinants of the Optimal Choice in Sequential Decision Problems - The Two-Period Case 65 3. 1 The Formulation of the Problem 66 3. 1.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783540546450\"\u003e\u003ch3\u003eA Systematic Approach\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783540546450","offer_id":39427409903709,"sku":"9783540546450","price":53.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/61737c45-8f39-4aa0-a87f-2928c879020f.jpg?v=1773380340","url":"https:\/\/shop.autorenwelt.de\/products\/flexibility-and-adjustment-to-information-in-sequential-decision-problems-a-systematic-approach-von-armin-schmutzler","provider":"Autorenwelt Shop","version":"1.0","type":"link"}