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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
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 optimising production under uncertainty.
Content Level »Graduate
Keywords »Good and Bad States of Nature - Production - Risk Averse - State-Contingent Goods - Utility Function
Preface.- 1 Introduction.- 2 Decision Theory Elements.- 3 Utility Function.- 4 State-Contingent Outcome and Preference.- 5 Preferences and Subjective Probabilities.- 6 Formulation of the Decision Problem.- 7 Connections Between Input and State-Contingent Output.- 8 Optimising Production Under Uncertainty.- 9 Summary and Conclusion.- References