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Lecture Notes in Economics and Mathematical Systems

Flexibility and Adjustment to Information in Sequential Decision Problems

A Systematic Approach

Authors: Schmutzler, Armin

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About this book

1 The Importance of Irreversibility and Learning - Familiar 11 Bxamples Revisited 1. 1 Neoclassical Investment Models: A Brief Survey 11 1. 1. 1 The Standard Neoclassical Investment Theory Model 13 1. 1. 2 The Investment Model with Adjustment Costs 15 1. 1. 3 The Irreversibility of Investment 17 1. 1. 4 Delivery Lags 18 1. 2 Flexible Manufacturing Systems 22 1. 2. 1 Some Basic Facts about Manufacturing 23 1. 2. 2 The Determinants of the Flexibility of Manufacturing Systems 25 1. 2. 3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The Two-Period Model without Uncertainty 33 2. 1. 1 The Elements of the Model 34 2. 1. 2 Economic Examples 37 2. 1. 3 Some Basic Results 39 2. 1. 4 Intertemporal Opportunity Costs 42 2. 2 The Two-Period Model with Uncertainty 46 2. 2. 1 The Elements of the Kodel 46 2. 2. 2 Special Cases 50 2. 2. 3 Flexibility and the Value of Information 54 2. 2. 4 An Example: Waiting to Invest 56 2. 3 Switching Costs 59 2. 3. 1 The Extended Model 59 2. 3. 2 An Example: Money Demand as Demand for Flexibility 61 2. 4 Summary and Outlook 63 3 Determinants of the Optimal Choice in Sequential Decision Problems - The Two-Period Case 65 3. 1 The Formulation of the Problem 66 3. 1.

Table of contents (6 chapters)

Table of contents (6 chapters)
  • Introduction

    Pages 1-9

    Schmutzler, Armin

  • The Importance of Irreversibility and Learning — Familiar Examples Revisited

    Pages 11-31

    Schmutzler, Armin

  • The Role of Irreversibility and Learning in Sequential Decision Problems — Basic Concepts

    Pages 33-64

    Schmutzler, Armin

  • Determinants of the Optimal Choice in Sequential Decision Problems — The Two-Period Case

    Pages 65-110

    Schmutzler, Armin

  • A T-Period Model of Intertemporal Choice with Irreversibility and Uncertainty

    Pages 111-155

    Schmutzler, Armin

Buy this book

eBook $84.99
price for USA in USD
  • ISBN 978-3-642-95671-3
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $109.99
price for USA in USD
  • ISBN 978-3-540-54645-0
  • 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
Flexibility and Adjustment to Information in Sequential Decision Problems
Book Subtitle
A Systematic Approach
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
371
Copyright
1991
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-95671-3
DOI
10.1007/978-3-642-95671-3
Softcover ISBN
978-3-540-54645-0
Series ISSN
0075-8442
Edition Number
1
Number of Pages
VIII, 198
Topics

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