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Economics - Microeconomics / Industrial Organization | Optimisation of Production Under Uncertainty - The State-Contingent Approach

Optimisation of Production Under Uncertainty

The State-Contingent Approach

Rasmussen, Svend

2011, VIII, 81 p. 20 illus.

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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

Related subjects » Economic Theory - Microeconomics / Industrial Organization - Production & Logistics

Table of contents 

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

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