Information and Efficiency in Economic Decision (Paperback, Softcover reprint of the original 1st ed. 1985)

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."

General

Imprint:	Springer
Country of origin:	Netherlands
Series:	Advanced Studies in Theoretical and Applied Econometrics, 4
Release date:	November 2011
First published:	1985
Authors:	Jati Sengupta
Dimensions:	235 x 155 x 25mm (L x W x T)
Format:	Paperback
Pages:	482
Edition:	Softcover reprint of the original 1st ed. 1985
ISBN-13:	978-9401087377
Categories:	Books > Business & Economics > Economics > Econometrics > General Promotions
LSN:	9401087377
Barcode:	9789401087377

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