عنوان

Flexibility and Adjustment to Information in Sequential Decision Problems :

(Number (ISBN

3642956718

(Number (ISBN

9783642956713

Number

b576231

Title Proper

Flexibility and Adjustment to Information in Sequential Decision Problems :

General Material Designation

[Book]

Other Title Information

a Systematic Approach

First Statement of Responsibility

by Armin Schmutzler.

Place of Publication, Distribution, etc.

Berlin, Heidelberg

Name of Publisher, Distributor, etc.

Springer Berlin Heidelberg

Date of Publication, Distribution, etc.

1991

Specific Material Designation and Extent of Item

(viii, 198 pages 21 illustrations).

Series Title

Lecture notes in economics and mathematical systems, 371.

Text of Note

1 The Importance of Irreversibility and Learning --; Familiar Examples Revisited --; 1.1 Neoclassical Investment Models: A Brief Survey --; 1.2 Flexible Manufacturing Systems --; 1.3 Conclusions --; 2 The Role of Irreversibility and Learning in Sequential Decision Problems --; Basic Concepts --; 2.1 The Two-Period Model without Uncertainty --; 2.2 The Two-Period Model with Uncertainty --; 2.3 Switching Costs --; 2.4 Summary and Outlook --; 3 Determinants of the Optimal Choice in Sequential Decision Problems --; The Two-Period Case --; 3.1 The Formulation of the Problem --; 3.2 The Influence of the Choice Set --; 3.3 The Impact of the Decision Criterion --; 3.4 The Impact of the Information Structure --; 3.5 The Two-Period Model --; Final Thoughts --; 4 A T-Period Model of Intertemporal Choice with Irreversibility and Uncertainty --; 4.1 The General T-Period Model of Choice --; 4.2 Some Generalities on Intertemporal Planning --; 4.3 Modelling Rolling Myopic Plans --; 4.4 Final Remarks on the T-Period Model --; 5 Consumption and Savings Decisions of Households --; 5.1 Motives for the Demand for Money --; Some Familiar Tenets --; 5.2 The Structure of the Model --; 5.3 Money Demand when there are no Transaction Costs --; 5.4 Transaction Costs --; Epilogue --; References.

Text of Note

This book provides a systematic approach to sequential decision problems from the vantage point of economic theory. The emphasis is on the interplay between irreversibility, uncertainty and information. In particular, it is shown how flexibility (liquidity) considerations can be modelled in a general choice-theoretical framework. The book ties together differentstrands of literature. This aim is achieved by working in a sufficiently general framework that is illustrated by means of examples from capital and investment theory, environmental economics (including option value theory), monetary theory and management science. The systematic treatment of the subject is novel. In addition, a considerable number of newresults are proved, particularly in chapter 3. The reader can expect a relatively straightforward introduction to central ideas of intertemporal decision problems under uncertaintly, which he/she would otherwise have to extract from a rather disperse literature.

Economics.

Environmental economics.

Class number

Book number

by Armin Schmutzler.

Armin Schmutzler

Electronic name

[Book]

Y