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Optimisation of Production Under Uncertainty

The State-Contingent Approach

  • Book
  • © 2011

Overview

Authors:
  1. Svend Rasmussen

    1. Department of Resource Economics, University of Copenhagen, Frederiksberg C, Denmark

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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

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-viii
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  2. Introduction

    • Svend Rasmussen
    Pages 1-2

  3. Decision Theory Elements

    • Svend Rasmussen
    Pages 3-4

  4. Utility Function

    • Svend Rasmussen
    Pages 5-17

  5. State-Contingent Outcome and Preferences

    • Svend Rasmussen
    Pages 19-23

  6. Preferences and Subjective Probabilities

    • Svend Rasmussen
    Pages 25-30

  7. Formulation of the Decision Problem

    • Svend Rasmussen
    Pages 31-33

  8. Connections Between Input and State-Contingent Output

    • Svend Rasmussen
    Pages 35-41

  9. Optimising Production Under Uncertainty

    • Svend Rasmussen
    Pages 43-78

  10. Summary and Conclusion

    • Svend Rasmussen
    Pages 79-81
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Keywords

About this book

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.

Authors and Affiliations

  • Department of Resource Economics, University of Copenhagen, Frederiksberg C, Denmark

    Svend Rasmussen

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