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.

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Book Title: Information and Efficiency in Economic Decision
Authors: Jati K. Sengupta
Series Title: Advanced Studies in Theoretical and Applied Econometrics
DOI: https://doi.org/10.1007/978-94-009-5053-5
Publisher: Springer Dordrecht
eBook Packages: Springer Book Archive
Copyright Information: Martinus Nijhoff Publishers, Dordrecht 1985
Hardcover ISBN: 978-90-247-3072-8Published: 28 February 1985
Softcover ISBN: 978-94-010-8737-7Published: 03 November 2011
eBook ISBN: 978-94-009-5053-5Published: 06 December 2012
Series ISSN: 1570-5811
Series E-ISSN: 2214-7977
Edition Number: 1
Number of Pages: XII, 482
Topics: Econometrics

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Table of contents (16 chapters)

Front Matter

Introductory problem

Front Matter

Linear Quadratic Models

Front Matter

Game theory models in economics

Front Matter

Efficiency analysis and risk aversion in economic models

Front Matter

Economic Planning and stochastic optimization

Front Matter

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