Information and Efficiency in Economic Decision
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About the Book
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.
Book Details
ISBN-13: 9789024730728
EAN: 9789024730728
Publisher Date: 28 Feb 1985
Bood Data Readership Text: Postgraduate, Research & Scholarly
Dewey: 330.015
Gardner Classification Code: B00
Illustrations: biography
LCCN: 84018958
No of Pages: 482
PrintOnDemand: N
Series Title: Advanced Studies in Theoretical and Applied Econometrics
Star Rating: 0
Width: 156 mm
ISBN-10: 9024730724
Publisher: Springer
Binding: Hardcover
Country Of Origin: Netherlands
Edition: 1985
Height: 234 mm
Language: English
MediaMail: Y
Pagination: 482 pages, biography
Returnable: N
Spine Width: 26 mm
UK Availability: GXC
Year Of Publication: 1985