Optimisation of production under uncertainty: the state-contingent approach

The book provides a short review of the classical approach to planning and decision making under uncertainty. It further explains the concept of state-contingent goods, and it extends earlier work on the state-contingent approach to describing production under uncertainty to the problems involved in optimisingproduction under uncertainty. The state-contingent approach is described in a normative context. Good numerical examples of how the state-contingent approach works. Provides very good explanation of the state-contingent approach. Gives a good review of the classical approach to the theory of planning under uncertainty. Extends production economic theory to uncertain environment. INDICE: Preface. 1 Introduction. 2 Decision Theory Elements. 3 Utility Function. 4 State-Contingent Outcome and Preference. 5 Preferences and SubjectiveProbabilities. 6 Formulation of the Decision Problem. 7 Connections Between Input and State-Contingent Output. 8 Optimising Production Under Uncertainty. 9Summary and Conclusion. References.

• ISBN: 978-3-642-21685-5
• Editorial: Springer Berlin Heidelberg
• Encuadernacion: Rústica
• Páginas: 83
• Fecha Publicación: 31/08/2011
• Nº Volúmenes: 1
• Idioma: Inglés