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Universitext

Optimal Decisions Under Uncertainty

Methods, Models, and Management

Authors: Sengupta, J.K.

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About this Textbook

Understanding the stochastic enviornment is as much important to the manager as to the economist. From production and marketing to financial management, a manager has to assess various costs imposed by uncertainty. The economist analyzes the role of incomplete and too often imperfect information structures on the optimal decisions made by a firm. The need for understanding the role of uncertainty in quantitative decision models, both in economics and management science provide the basic motivation of this monograph. The stochastic environment is analyzed here in terms of the following specific models of optimization: linear and quadratic models, linear programming, control theory and dynamic programming. Uncertainty is introduced here through the para­ meters, the constraints, and the objective function and its impact evaluated. Specifically recent developments in applied research are emphasized, so that they can help the decision-maker arrive at a solution which has some desirable charac­ teristics like robustness, stability and cautiousness. Mathematical treatment is kept at a fairly elementary level and applied as­ pects are emphasized much more than theory. Moreover, an attempt is made to in­ corporate the economic theory of uncertainty into the stochastic theory of opera­ tions research. Methods of optimal decision rules illustrated he re are applicable in three broad areas: (a) applied economic models in resource allocation and economic planning, (b) operations research models involving portfolio analysis and stochastic linear programming and (c) systems science models in stochastic control and adaptive behavior.

Table of contents (7 chapters)

Table of contents (7 chapters)

Buy this book

eBook $69.99
price for USA in USD
  • ISBN 978-3-642-70163-4
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $89.99
price for USA in USD
  • ISBN 978-3-540-15032-9
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Optimal Decisions Under Uncertainty
Book Subtitle
Methods, Models, and Management
Authors
Series Title
Universitext
Copyright
1985
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-70163-4
DOI
10.1007/978-3-642-70163-4
Softcover ISBN
978-3-540-15032-9
Series ISSN
0172-5939
Edition Number
1
Number of Pages
X, 286
Topics

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