Flexibility And Adjustment To Information In Sequential Decision Problems

Download Flexibility And Adjustment To Information In Sequential Decision Problems full books in PDF, epub, and Kindle. Read online Flexibility And Adjustment To Information In Sequential Decision Problems ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Flexibility and Adjustment to Information in Sequential Decision Problems

Author : Armin Schmutzler
Publisher : Springer Science & Business Media
ISBN 13 : 3642956718
Total Pages : 204 pages
Book Rating : 4.6/5 (429 download)

DOWNLOAD NOW!

Book Synopsis Flexibility and Adjustment to Information in Sequential Decision Problems by : Armin Schmutzler

Download or read book Flexibility and Adjustment to Information in Sequential Decision Problems written by Armin Schmutzler and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Dynamic Timing Decisions Under Uncertainty

Author : Nguyen M. Hung
Publisher : Springer Science & Business Media
ISBN 13 : 3642515088
Total Pages : 198 pages
Book Rating : 4.6/5 (425 download)

DOWNLOAD NOW!

Book Synopsis Dynamic Timing Decisions Under Uncertainty by : Nguyen M. Hung

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 198 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.

Constructing and Applying Objective Functions

Author : Andranik S. Tangian
Publisher : Springer Science & Business Media
ISBN 13 : 3642560385
Total Pages : 580 pages
Book Rating : 4.6/5 (425 download)

DOWNLOAD NOW!

Book Synopsis Constructing and Applying Objective Functions by : Andranik S. Tangian

Download or read book Constructing and Applying Objective Functions written by Andranik S. Tangian and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: For some seven decades, econometrics has been almost exclusiveley dealing with constructing and applying econometric equation systems, which constitute constraints in econometric optimization models. The second major component, the scalarvalued objective function, has only in recent years attracted more attention and some progress has been made. This book is devoted to theories, models and methods for constructing scalarvalued objective functions for econometric optimization models, to their applications, and to some related topics like historical issues about pioneering contributions by Ragnar Frisch and Jan Tinbergen.

The Challenge of International Business

Author : P. Buckley
Publisher : Springer
ISBN 13 : 0230508642
Total Pages : 305 pages
Book Rating : 4.2/5 (35 download)

DOWNLOAD NOW!

Book Synopsis The Challenge of International Business by : P. Buckley

Download or read book The Challenge of International Business written by P. Buckley and published by Springer. This book was released on 2004-06-04 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the study of International business and more specifically 'Is the international business research agenda running out of steam?' After laying down this challenge, Buckley presents three theoretical developments, which point to ways forward for the agenda. He includes empirical evidence on the strategy of the Multinational Enterprise and on foreign direct investment and the world economy.

An Economic Theory of Cities

Author : Wei-Bin Zhang
Publisher : Springer Science & Business Media
ISBN 13 : 3642560601
Total Pages : 228 pages
Book Rating : 4.6/5 (425 download)

DOWNLOAD NOW!

Book Synopsis An Economic Theory of Cities by : Wei-Bin Zhang

Download or read book An Economic Theory of Cities written by Wei-Bin Zhang and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over more than two centuries the developmentofeconomic theory has created a wide array of different concepts, theories, and insights. My recent books, Capital and Knowledge (Zhang, 1999) and A TheoryofInternational Trade (Zhang, 2000) show how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, the neoclassical growth theory, and the neoclassical trade theory can be examined within a single theoretical framework. This book isto further expand the frameworkproposed in the previous studies. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of urban economies. We are concerned with dynamic relations between division of labor, division ofconsumption and determination of prices structure over space. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economicgrowth, price structuresand urban pattern formation under free competition. The theory is constructed on the basisofa few concepts within a compact framework. The comparative advantage of our theory is that in providing rich insights into complex of spatial economies it uses only a few concepts and simplified functional forms and accepts a few assumptions about behavior of consumers, producers, and institutionalstructures.

Institutions, Transaction Costs, and Environmental Policy

Author : Ray Challen
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781956427
Total Pages : 262 pages
Book Rating : 4.9/5 (564 download)

DOWNLOAD NOW!

Book Synopsis Institutions, Transaction Costs, and Environmental Policy by : Ray Challen

Download or read book Institutions, Transaction Costs, and Environmental Policy written by Ray Challen and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This is an excellent piece of work, applying the economic theory of property rights and transaction costs to the complex policy problems associated with water use in irrigation. Challen examines the determination of transaction costs and the way they interact with a realistic specification of property rights. He thereby avoids the two main defects found in much work in this area: first, the use of a simplistic division of property rights schemes, for example one based on polar categories of private property and common property, defined to mean open access, and second, a tendency to use the category of transaction costs as an unexamined "black box".' - John Quiggin, James Cook University, Australia 'A most encouraging trend in economics concerns the careful and non-teleological study of institutions. From an era in which institutions were completely ignored, through an era in which it was thought that institutions were mere constraints on otherwise beneficent behavior in markets, through an era in which it was thought that the purpose of institutions was to promote economic efficiency, we now seem to be firmly in an era in which it is understood that institutions are the very bedrock of economic and social interaction. The analysis of institutions will fall into incoherence if we insist on seeing them as teleological rather than as instrumental. Once there, we must still understand the purposes that different individuals and collectivities ascribe to particular institutional set ups. In this careful book Ray Challen offers clear conceptual guidance to the study of economic institutions. He also shows us how one can undertake the analysis of institutional choice. The problem setting is water resources in eastern Australia. The lessons are profoundly international, and the approach is refreshingly promising.' - Daniel W. Bromley, University of Wisconsin-Madison, US Conventional economic analysis of property rights in natural resources is too narrow and restrictive to allow for effective comparisons between alternative institutional structures. In this book, a conceptual framework is developed for the analysis of these structures with illustrative application to the allocation of water resources.

Evolution, Time, Production and the Environment

Author : Malte Faber
Publisher : Springer Science & Business Media
ISBN 13 : 366203624X
Total Pages : 296 pages
Book Rating : 4.6/5 (62 download)

DOWNLOAD NOW!

Book Synopsis Evolution, Time, Production and the Environment by : Malte Faber

Download or read book Evolution, Time, Production and the Environment written by Malte Faber and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition is brought about by two factors. First, the initial printing sold out much more rapidly than we expected. Second, several colleagues have been kind enough to suggest that this book not only has a contribution to make to ecological economics, but also has relevance to economics general. Thus our OUf distinction distinction between between genotypic genotypic and phenotypic evolution may be used to characterise not only economic sectors, but also whole economies, and in particular economic schools of thought. For instance, the Austrian subjectivist school deals explicitly with ignorance and the emergence of novelty, and may therefore be used to analyse genotypic development. In contrast, neoclassical economics deals principally with phenotypic development. When Dr. Müller Muller of Springer-Verlag suggested the production of a second edition, we were therefore pleased that this book might remain available. Several readers and in particular reviewers of the first edition remarked, in one way or the other, that they had questions concerning several of our OUf concepts, concepts, such as genotype, phenotype, ignorance, surprise, sUlprise, novelty, novelty, knowledge, knowledge, predictable predictable and unpredictable processes etc. Of course, all these concepts are of importance for evolution in general and for invention and innovation of new techniques in particular. We therefore considered some modifications and extensions of the original text, but on the advice of colleagues, have restricted oUfselves ourselves to correcting mistakes that crept into the first edition and to two extensions ofthe of the text, text, one major, one smaller.

Timescales and Environmental Change

Author : Graham Chapman
Publisher : Routledge
ISBN 13 : 1134787537
Total Pages : 344 pages
Book Rating : 4.1/5 (347 download)

DOWNLOAD NOW!

Book Synopsis Timescales and Environmental Change by : Graham Chapman

Download or read book Timescales and Environmental Change written by Graham Chapman and published by Routledge. This book was released on 2002-11-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Time is an unstated but ever present element in all debates about environmental change - and the subtext of many disagreements. Geomorphologists think in the context of millions of years, politicians in election terms, the media in decades, and the public ceases to worry about global warming with one bad summer. This volume brings together experts from a diverse range of disciplines, to offer a range of both temporal and geographical perspectives. It does not seek to provide clear answers about right time-scales, but rather to encourage the reader, from whatever perspective, to think about change and environmental issues in a new light through different time-scales.

Two-Person Bargaining Experiments with Incomplete Information

Author : Bettina Kuon
Publisher : Springer Science & Business Media
ISBN 13 : 3642487777
Total Pages : 305 pages
Book Rating : 4.6/5 (424 download)

DOWNLOAD NOW!

Book Synopsis Two-Person Bargaining Experiments with Incomplete Information by : Bettina Kuon

Download or read book Two-Person Bargaining Experiments with Incomplete Information written by Bettina Kuon and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. The project can only be conducted by a cooperation of the two firms. No firm is able to conduct the project alone. In order to receive the project the firms have to agree on the allocation of the gross profit. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project. The gross profit from an alternative project can be either 0 (low alternative value) or O

Litigation and Settlement in a Game with Incomplete Information

Author : Wolfgang Ryll
Publisher : Springer Science & Business Media
ISBN 13 : 9783540613046
Total Pages : 188 pages
Book Rating : 4.6/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Litigation and Settlement in a Game with Incomplete Information by : Wolfgang Ryll

Download or read book Litigation and Settlement in a Game with Incomplete Information written by Wolfgang Ryll and published by Springer Science & Business Media. This book was released on 1996-07-12 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book investigates a two-person game of litigation and settlement with incomplete information on one side. The experimental design allows investigation of how subjects solve the bargaining problem. A prominence level analysis is applied to the data and suggests that subjects tend to choose "round" numbers. It is shown that there exists a correlation between machiavellianism and subjects' adjustment behaviour in the game. The learning behaviour is discussed extensively. Plaintiffs' acceptance limits polarize at the beginning of the second play. A model of learning direction theory applied to explain subjects's behaviour over the course of the game.

Count Data Models

Author : Rainer Winkelmann
Publisher : Springer Science & Business Media
ISBN 13 : 366221735X
Total Pages : 223 pages
Book Rating : 4.6/5 (622 download)

DOWNLOAD NOW!

Book Synopsis Count Data Models by : Rainer Winkelmann

Download or read book Count Data Models written by Rainer Winkelmann and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents statistical methods for the analysis of events. The primary focus is on single equation cross section models. The book addresses both the methodology and the practice of the subject and it provides both a synthesis of a diverse body of literature that hitherto was available largely in pieces, as well as a contribution to the progress of the methodology, establishing several new results and introducing new models. Starting from the standard Poisson regression model as a benchmark, the causes, symptoms and consequences of misspecification are worked out. Both parametric and semi-parametric alternatives are discussed. While semi-parametric models allow for robust interference, parametric models can identify features of the underlying data generation process.

Adjustment Processes for Exchange Economies and Noncooperative Games

Author : Antoon van den Elzen
Publisher : Springer Science & Business Media
ISBN 13 : 3642481337
Total Pages : 155 pages
Book Rating : 4.6/5 (424 download)

DOWNLOAD NOW!

Book Synopsis Adjustment Processes for Exchange Economies and Noncooperative Games by : Antoon van den Elzen

Download or read book Adjustment Processes for Exchange Economies and Noncooperative Games written by Antoon van den Elzen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is a treatise on adjustment processes. We consider price adjustment processes in exchange economies and strategy adjustment processes in noncooperative games. In the most simple version of an exchange economy, i.e. a pure exchange economy, there exist markets on which prices are determined by the demand and supply created by a finite number of consumers willing to exchange their initial endowments in order to maximize their utilities. An equilibrium situation is attained if, for some price vector, demand equals supply in all markets. Starting from a situation not being an equi librium an adjustment process reaches an equilibrium via adaptations of prices. The advantage of the adjustment processes we will present in this monograph is that they exist and converge under far weaker assumptions than existing processes. The second subject concerns the problem of finding Nash equilibria in noncooperative games. A Nash equilibrium is a situation from which no player can improve his position by unilaterally changing his strategy. We present a new algorithm for finding such equilibria. The sequence of stra tegy vectors generated by the algorithm can be interpreted as the path followed by a strategy adjustment process.

Exogeneity in Error Correction Models

Author : Jean-Pierre Urbain
Publisher : Springer Science & Business Media
ISBN 13 : 3642957064
Total Pages : 201 pages
Book Rating : 4.6/5 (429 download)

DOWNLOAD NOW!

Book Synopsis Exogeneity in Error Correction Models by : Jean-Pierre Urbain

Download or read book Exogeneity in Error Correction Models written by Jean-Pierre Urbain and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the recent years, the study of cointegrated time series and the use of error correction models have become extremely popular in the econometric literature. This book provides an analysis of the notion of (weak) exogeneity, which is necessary to sustain valid inference in sub-systems, inthe framework of error correction models (ECMs). In many practical situations, the applied econometrician wants to introduce "structure" on his/her model in order to get economically meaningful coefficients. For thispurpose, ECMs in structural form provide an appealing framework, allowing the researcher to introduce (theoretically motivated) identification restrictions on the long run relationships. In this case, the validity of the inference will depend on a number of conditions which are investigated here. In particular,we point out that orthogonality tests, often used to test for weak exogeneity or for general misspecification, behave poorly in finite samples and are often not very useful in cointegrated systems.

Trends in Multicriteria Decision Making

Author : Theodor Stewart
Publisher : Springer Science & Business Media
ISBN 13 : 364245772X
Total Pages : 454 pages
Book Rating : 4.6/5 (424 download)

DOWNLOAD NOW!

Book Synopsis Trends in Multicriteria Decision Making by : Theodor Stewart

Download or read book Trends in Multicriteria Decision Making written by Theodor Stewart and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers gives a broad overview of the state of the art in Multiple Criteria Decision Making (MCDM), in both theory and practice. Topical sections are ranging from preference modelling and methodological developments to a number of applications of MCDM thinking. Special sections are devoted to applications in natural resources and environmental management issues, to negotiation and group decision support, and to philosophical issues, particularly in the interface between systems thinking and MCDM. The book will be relevant not only to those working in the area of MCDM, but also to researchers and practitioners concerned with broader areas of management science, especially those concerned with decision support systems and negotiation support.

The Impact of Science on Economic Growth and its Cycles

Author : Arvid Aulin
Publisher : Springer Science & Business Media
ISBN 13 : 3642958613
Total Pages : 212 pages
Book Rating : 4.6/5 (429 download)

DOWNLOAD NOW!

Book Synopsis The Impact of Science on Economic Growth and its Cycles by : Arvid Aulin

Download or read book The Impact of Science on Economic Growth and its Cycles written by Arvid Aulin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.

A Game Theory Analysis of Options

Author : Alexandre Ziegler
Publisher : Springer Science & Business Media
ISBN 13 : 3662215896
Total Pages : 154 pages
Book Rating : 4.6/5 (622 download)

DOWNLOAD NOW!

Book Synopsis A Game Theory Analysis of Options by : Alexandre Ziegler

Download or read book A Game Theory Analysis of Options written by Alexandre Ziegler and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modem option pricing theory was developed in the late sixties and early seventies by F. Black, R. C. Merton and M. Scholes as an analytical tool for pricing and hedging option contracts and over-the-counter warrants. However, already in the seminal paper by Black and Scholes, the applicability of the model was regarded as much broader. In the second part of their paper, the authors demonstrated that a levered firm's equity can be regarded as an option on the value of the firm, and thus can be priced by option valuation techniques. A year later, Merton showed how the default risk structure of corporate bonds can be determined by option pricing techniques. Option pricing models are now used to price virtually the full range of financial instruments and financial guarantees such as deposit insurance and collateral, and to quantify the associated risks. Over the years, option pricing has evolved from a set of specific models to a general analytical framework for analyzing the production process of financial contracts and their function in the financial intermediation process in a continuous time framework. However, virtually no attempt has been made in the literature to integrate game theory aspects, i. e. strategic financial decisions of the agents, into the continuous time framework. This is the unique contribution of the thesis of Dr. Alexandre Ziegler. Benefiting from the analytical tractability of continuous time models and the closed form valuation models for derivatives, Dr.

Pricing Derivative Credit Risk

Author : Manuel Ammann
Publisher : Springer Science & Business Media
ISBN 13 : 3662223309
Total Pages : 238 pages
Book Rating : 4.6/5 (622 download)

DOWNLOAD NOW!

Book Synopsis Pricing Derivative Credit Risk by : Manuel Ammann

Download or read book Pricing Derivative Credit Risk written by Manuel Ammann and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit risk is an important consideration in most financial transactions. As for any other risk, the risk taker requires compensation for the undiversifiable part of the risk taken. In bond markets, for example, riskier issues generally promise investors a higher yield. The same principle also applies to financial derivatives. Otherwise identical derivative securities will likely have differ ent prices if the counterparties are not of the same credit quality. Although this argument seems intuitively convincing, widely used pricing models for financial derivatives do not incorporate credit risk effects. This research monograph analyzes the effect of credit risk on financial derivatives prices. Credit risk can affect derivatives prices in a variety of ways. First, financial derivatives can be subject to counterparty default risk. Second, a derivative can be written on a security which is subject to credit risk, such as a corporate bond. Third, the credit risk itself can be the un derlying of a derivative instrument. The text focuses on valuation models which take into account counterparty risk but also addresses the other two valuation problems.