Information and Efficiency in Economic Decision

von Jati Sengupta
Taschenbuch - 9789401087377
192,59 €
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Hardcover - 9789024730728
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Beschreibung

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.

Details

Verlag Springer Netherlands
Ersterscheinung November 2011
Maße 235 mm x 155 mm x 26 mm
Gewicht 742 Gramm
Format Taschenbuch
ISBN-13 9789401087377
Auflage Softcover reprint of the original 1st ed. 1985
Seiten 496

Schlagwörter