Probability Models for Economic Decisions, second edition

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Publisher : MIT Press
ISBN 13 : 0262043122
Total Pages : 569 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Probability Models for Economic Decisions, second edition by : Roger B. Myerson

Download or read book Probability Models for Economic Decisions, second edition written by Roger B. Myerson and published by MIT Press. This book was released on 2019-12-17 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the use of probability models for analyzing risk and economic decisions, using spreadsheets to represent and simulate uncertainty. This textbook offers an introduction to the use of probability models for analyzing risks and economic decisions. It takes a learn-by-doing approach, teaching the student to use spreadsheets to represent and simulate uncertainty and to analyze the effect of such uncertainty on an economic decision. Students in applied business and economics can more easily grasp difficult analytical methods with Excel spreadsheets. The book covers the basic ideas of probability, how to simulate random variables, and how to compute conditional probabilities via Monte Carlo simulation. The first four chapters use a large collection of probability distributions to simulate a range of problems involving worker efficiency, market entry, oil exploration, repeated investment, and subjective belief elicitation. The book then covers correlation and multivariate normal random variables; conditional expectation; optimization of decision variables, with discussions of the strategic value of information, decision trees, game theory, and adverse selection; risk sharing and finance; dynamic models of growth; dynamic models of arrivals; and model risk. New material in this second edition includes two new chapters on additional dynamic models and model risk; new sections in every chapter; many new end-of-chapter exercises; and coverage of such topics as simulation model workflow, models of probabilistic electoral forecasting, and real options. The book comes equipped with Simtools, an open-source, free software used througout the book, which allows students to conduct Monte Carlo simulations seamlessly in Excel.

Probability Models for Economic Decisions

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Publisher : Duxbury Press
ISBN 13 : 9780534423810
Total Pages : 397 pages
Book Rating : 4.4/5 (238 download)

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Book Synopsis Probability Models for Economic Decisions by : Roger B. Myerson

Download or read book Probability Models for Economic Decisions written by Roger B. Myerson and published by Duxbury Press. This book was released on 2005 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn to use probability in complex realistic situations with PROBABILITY MODELS FOR ECONOMIC DECISIONS. This introduction to the use of probability models for analyzing risks and economic decisions uses Microsoft Excel spreadsheets for the analytic work. As a result of the emphasis on spreadsheet modeling, you'll also develop sophisticated spreadsheet skills.

Probability Models and Applications

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Publisher :
ISBN 13 : 9789813202054
Total Pages : 732 pages
Book Rating : 4.2/5 (2 download)

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Book Synopsis Probability Models and Applications by : Ingram Olkin

Download or read book Probability Models and Applications written by Ingram Olkin and published by . This book was released on 2017 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Project Economics and Decision Analysis

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Publisher : Pennwell Corporation
ISBN 13 : 9781593702090
Total Pages : 426 pages
Book Rating : 4.7/5 (2 download)

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Book Synopsis Project Economics and Decision Analysis by : Mohammed A. Mian

Download or read book Project Economics and Decision Analysis written by Mohammed A. Mian and published by Pennwell Corporation. This book was released on 2011 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Volume 2: Probabilistic Models, author M. A. Mian presents the concepts of decision analysis, incorporating risk and uncertainty as applied to capital investments. In the expanded and updated second edition of Volume 2, Mian integrates new advancements and clarifies concepts to facilitate their understanding. Each topic is introduced, followed by a brief discussion related to its application in practice and a solved example. Includes a companion CD with applications, spreadsheets, and tables that expand the practical application of the book's material.

Understanding Probability Models

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Publisher : Nova Science Publishers
ISBN 13 : 9781536169959
Total Pages : 219 pages
Book Rating : 4.1/5 (699 download)

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Book Synopsis Understanding Probability Models by : Carlos Narciso Bouza Herrera

Download or read book Understanding Probability Models written by Carlos Narciso Bouza Herrera and published by Nova Science Publishers. This book was released on 2020-03 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book intends to highlight how the Theory of Probability supports, not only statistical modeling but how it allows describing different real life phenomena. It gives clues for understanding the philosophic roots of probability and how they are present in different areas of knowledge. The readers may use the book as a source for understanding the philosophical development of probability concepts and of the intents to obtain mathematical models. The chapters deal with the understanding of how probability models are usable for determining: â¢A Probabilistic model of the best flight value for the design on paper of a helicopter â¢How to model the improvement of the behavior of water heating systems and of the reliability of systems â¢Models for determining the probability of non responses in inquiries and to evaluate the missing data. â¢The modeling of various problems related with the behavior of ordering models of use in decision rules and of general properties of Order Statistics. â¢A unified study of the probabilistic aspects of two Metaheuristics: Simulated Annealing and Tabu Search. â¢How to obtain the identification of econometric techniques for dealing efficiently with the study of economic growth models under endogeneity. This book will be of interest for biometricians, statisticians, economists, engineers dealing with control and reliability, as well for informaticians.

Strategic Economic Decision-Making

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Publisher : Springer Science & Business Media
ISBN 13 : 1461460409
Total Pages : 116 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Strategic Economic Decision-Making by : Jeff Grover

Download or read book Strategic Economic Decision-Making written by Jeff Grover and published by Springer Science & Business Media. This book was released on 2012-12-05 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic Economic Decision-Making: Using Bayesian Belief Networks to Solve Complex Problems is a quick primer on the topic that introduces readers to the basic complexities and nuances associated with learning Bayes’ theory and inverse probability for the first time. This brief is meant for non-statisticians who are unfamiliar with Bayes’ theorem, walking them through the theoretical phases of set and sample set selection, the axioms of probability, probability theory as it pertains to Bayes’ theorem, and posterior probabilities. All of these concepts are explained as they appear in the methodology of fitting a Bayes’ model, and upon completion of the text readers will be able to mathematically determine posterior probabilities of multiple independent nodes across any system available for study. Very little has been published in the area of discrete Bayes’ theory, and this brief will appeal to non-statisticians conducting research in the fields of engineering, computing, life sciences, and social sciences.

Handbook of Probabilistic Models

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Publisher : Butterworth-Heinemann
ISBN 13 : 0128165464
Total Pages : 590 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Handbook of Probabilistic Models by : Pijush Samui

Download or read book Handbook of Probabilistic Models written by Pijush Samui and published by Butterworth-Heinemann. This book was released on 2019-10-05 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Probabilistic Models carefully examines the application of advanced probabilistic models in conventional engineering fields. In this comprehensive handbook, practitioners, researchers and scientists will find detailed explanations of technical concepts, applications of the proposed methods, and the respective scientific approaches needed to solve the problem. This book provides an interdisciplinary approach that creates advanced probabilistic models for engineering fields, ranging from conventional fields of mechanical engineering and civil engineering, to electronics, electrical, earth sciences, climate, agriculture, water resource, mathematical sciences and computer sciences. Specific topics covered include minimax probability machine regression, stochastic finite element method, relevance vector machine, logistic regression, Monte Carlo simulations, random matrix, Gaussian process regression, Kalman filter, stochastic optimization, maximum likelihood, Bayesian inference, Bayesian update, kriging, copula-statistical models, and more. Explains the application of advanced probabilistic models encompassing multidisciplinary research Applies probabilistic modeling to emerging areas in engineering Provides an interdisciplinary approach to probabilistic models and their applications, thus solving a wide range of practical problems

Probability Models

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Publisher : Springer
ISBN 13 : 9781447153429
Total Pages : 287 pages
Book Rating : 4.1/5 (534 download)

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Book Synopsis Probability Models by : John Haigh

Download or read book Probability Models written by John Haigh and published by Springer. This book was released on 2013-07-14 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to provide a sound introduction to the study of real-world phenomena that possess random variation. It describes how to set up and analyse models of real-life phenomena that involve elements of chance. Motivation comes from everyday experiences of probability, such as that of a dice or cards, the idea of fairness in games of chance, and the random ways in which, say, birthdays are shared or particular events arise. Applications include branching processes, random walks, Markov chains, queues, renewal theory, and Brownian motion. This popular second edition textbook contains many worked examples and several chapters have been updated and expanded. Some mathematical knowledge is assumed. The reader should have the ability to work with unions, intersections and complements of sets; a good facility with calculus, including integration, sequences and series; and appreciation of the logical development of an argument. Probability Models is designed to aid students studying probability as part of an undergraduate course on mathematics or mathematics and statistics.

Risk Analysis in Theory and Practice

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Publisher : Elsevier
ISBN 13 : 0121706214
Total Pages : 258 pages
Book Rating : 4.1/5 (217 download)

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Book Synopsis Risk Analysis in Theory and Practice by : Jean-Paul Chavas

Download or read book Risk Analysis in Theory and Practice written by Jean-Paul Chavas and published by Elsevier. This book was released on 2004-06-04 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. Balanced treatment of conceptual models and applied analysis Considers both private and public decisions under uncertainty Website presents application exercises in Excel

Probability Models in Operations Research

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Publisher : CRC Press
ISBN 13 : 1420054902
Total Pages : 224 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Probability Models in Operations Research by : C. Richard Cassady

Download or read book Probability Models in Operations Research written by C. Richard Cassady and published by CRC Press. This book was released on 2008-08-05 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial engineering has expanded from its origins in manufacturing to transportation, health care, logistics, services, and more. A common denominator among all these industries, and one of the biggest challenges facing decision-makers, is the unpredictability of systems. Probability Models in Operations Research provides a comprehensive overview of the probabilistic and stochastic modeling approaches commonly used to capture the randomness in industrial and systems engineering.

Introduction to Probability Models

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Publisher : Brooks/Cole Publishing Company
ISBN 13 : 9780534423599
Total Pages : 752 pages
Book Rating : 4.4/5 (235 download)

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Book Synopsis Introduction to Probability Models by : Wayne L. Winston

Download or read book Introduction to Probability Models written by Wayne L. Winston and published by Brooks/Cole Publishing Company. This book was released on 2003-06-01 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text, the second volume of Wayne Winston's successful OPERATIONS RESEARCH: APPLICATIONS AND ALGORITHMS, FOURTH EDITION, covers topics in Probability Models and addresses the substantial contribution of Probability Modeling in the last five years to the fields of financial engineering, computational simulation and manufacturing. The specific attention to probability models with the addition of recent practical breakthroughs makes this the first text to introduce these ideas together at an accessible level.

Distribution Models Theory

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Publisher : World Scientific
ISBN 13 : 9814477400
Total Pages : 307 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Distribution Models Theory by : Rafael Herrerias-pleguezuelo

Download or read book Distribution Models Theory written by Rafael Herrerias-pleguezuelo and published by World Scientific. This book was released on 2006-08-30 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distribution Models Theory is a revised edition of papers specially selected by the Scientific Committee for the Fifth Workshop of Spanish Scientific Association of Applied Economy on Distribution Models Theory held in Granada (Spain) in September 2005. The contributions offer a must-have point of reference on models theory.This book has been selected for coverage in:• Index to Scientific & Technical Proceedings® (ISTP®/ISI Proceedings)• Index to Scientific & Technical Proceedings (ISTP CDROM version/ISI Proceedings)

Decision Making Under Risk and Uncertainty

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Publisher : Springer Science & Business Media
ISBN 13 : 9401128383
Total Pages : 256 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Decision Making Under Risk and Uncertainty by : J. Geweke

Download or read book Decision Making Under Risk and Uncertainty written by J. Geweke and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F *), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). "The Demand for (Differentiated) Infonnation"; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). "General Equilibrium with Infonnation Sales"; Theory and Decision. 21. (1-33). Allen, Beth (1990). "Infonnation as an Economic Commodity"; American Economic Review. 80. (268-273).

Probability Models and Decisions

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Publisher :
ISBN 13 : 9780718710576
Total Pages : 125 pages
Book Rating : 4.7/5 (15 download)

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Book Synopsis Probability Models and Decisions by : M. P. Wiper

Download or read book Probability Models and Decisions written by M. P. Wiper and published by . This book was released on 1992-01-01 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Basic Statistics and Probability for Business and Economic Decisions

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Publisher :
ISBN 13 : 9780840320940
Total Pages : 244 pages
Book Rating : 4.3/5 (29 download)

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Book Synopsis Basic Statistics and Probability for Business and Economic Decisions by : Milad A. Tawadros

Download or read book Basic Statistics and Probability for Business and Economic Decisions written by Milad A. Tawadros and published by . This book was released on 1979 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Statistics & Probability for Business and Economic Decisions

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Publisher :
ISBN 13 : 9780914084013
Total Pages : 258 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis Statistics & Probability for Business and Economic Decisions by : Milad A. Tawadros

Download or read book Statistics & Probability for Business and Economic Decisions written by Milad A. Tawadros and published by . This book was released on 1973 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Probability Models of Collective Decision Making

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Publisher : Merrill Publishing Company
ISBN 13 :
Total Pages : 440 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Probability Models of Collective Decision Making by : Richard G. Niemi

Download or read book Probability Models of Collective Decision Making written by Richard G. Niemi and published by Merrill Publishing Company. This book was released on 1972 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: