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Optimal Decisions under Uncertainty (Paperback)
Loot Price: R1,464
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Optimal Decisions under Uncertainty (Paperback)
Series: Lecture Notes in Economics and Mathematical Systems, 193
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The theory of optimal decisions in a stochastic environment has
seen many new developments in recent years. The implications of
such theory for empirical and policy applications are several. This
book attempts to analyze some of the impor tant applied aspects of
this theory and its recent developments. The stochastic environment
is considered here in specific form, e.g., (a) linear programs (LP)
with parameters subject to a probabilistic mechanism, (b) decision
models with risk aversion, (c) resource allocation in a team, and
(d) national economic planning. The book attempts to provide new
research insights into several areas, e.g., (a) mixed strategy
solutions and econometric tests of hypotheses of LP models, (b) the
dual problems of efficient estimation and optimal regulation, (c)
input-output planning under imperfect competition, and (d) linear
programs viewed as constrained statistical games. Methods of
optimal decision rules developed here for quadratic and linear
decision problems are applicable in three broad areas: (a) applied
economic models in resource allocation, planning and team decision,
(b) operations research models in management decisions involving
portfolio analysis and stochastic programming, and (c) systems
science models in stochastic control and adaptive behavior. Some
results reported here have been published in professional journals
be-. fore, and I would like to thank the following journals in
particular: Inter national Journal of Systems Science, Journal of
Optimization Theory and Applica tions and Journal of Mathematical
Analysis and Applications."
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