Dynamic Timing Decisions Under Uncertainty

Author : Nguyen M. Hung,Nguyen V. Quyen
Publisher : Springer Science & Business Media
Page : 198 pages
File Size : 54,6 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9783642515088

Get Book

Dynamic Timing Decisions Under Uncertainty by Nguyen M. Hung,Nguyen V. Quyen Pdf

Jay Forrester's Economic Dynamics was published in 1971 and The Limits to Growth by Dennis Meadows and his associates appeared a year later. The publication of those two books gave rise to twenty years of intense research into the economics of exhaustible resources, research which everywhere has had a substantial impact both on public debate and on academic curricula. And now, just as that line of research is losing steam, economists are focussing on problems associated with the degradation of the natural environment, problems which call for models which, in their formal structure, are quite similar to those already developed in resource economics. This is therefore an appropriate moment for the appearance of a thorough exposition of the economics of exhaustible resources. For that is what Nguyen Manh Hung and Nguyen Van Quyen have provided. Their splendid new book covers equally well the older Hotelling-inspired theory of cake-eating and the economics of search and R&D designed to uncover new and cheaper sources of supply. It provides an entree to the whole subject of resource economics, as well as many new discoveries which will be of interest to experienced researchers.

Author : Manh Hung Nguyen,Van Quyen Nguyen
Publisher : Unknown
Page : 307 pages
File Size : 48,8 Mb
Release : 1991
Category : Electronic
ISBN : OCLC:1131103832

Get Book

Dynamic Timing Decisions Under Uncertainty by Manh Hung Nguyen,Van Quyen Nguyen Pdf

Author : Nguyen M. Hung,Nguyen V. Quyen
Publisher : Unknown
Page : 212 pages
File Size : 43,7 Mb
Release : 2014-01-15
Category : Electronic
ISBN : 3642515096

Get Book

Dynamic Timing Decisions Under Uncertainty by Nguyen M. Hung,Nguyen V. Quyen Pdf

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 41,8 Mb
Release : 2024-06-30
Category : Electronic
ISBN : 9789814465953

Get Book

A Survey of Dynamic Games in Economics by Anonim Pdf

Author : Leo Kaas
Publisher : Springer Science & Business Media
Page : 166 pages
File Size : 43,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642584794

Get Book

Dynamic Macroeconomics with Imperfect Competition by Leo Kaas Pdf

This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.

Author : Björn Schmolck
Publisher : Springer Science & Business Media
Page : 149 pages
File Size : 45,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642583247

Get Book

Omitted Variable Tests and Dynamic Specification by Björn Schmolck Pdf

This book deals with the omitted variable test for a multivariate time-series regression model. The empirical motivation is the homogeneity test for a consumer demand system. The consequences of using a dynamically misspecified omitted variable test are shown in detail. The analysis starts with the univariate t-test and is then extended to the multivariate regression system. The small sample performance of the dynamically correctly specified omitted variable test is analysed by simulation. Two classes of tests are considered: versions of the likelihood ratio test and the robust Wald test which is based on a heteroskedasticity and autocorrelation consistent variance-covariance estimator (HAC).

Author : Mark W.J. Blok,A.T. Kearney
Publisher : Springer Science & Business Media
Page : 199 pages
File Size : 46,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642484018

Get Book

Dynamic Models of the Firm by Mark W.J. Blok,A.T. Kearney Pdf

This book contributes to the scientific field of optimal control theory applied to dynamic models of the firm. It discusses optimal investment, financing and production policies of the firm, that have to deal with a variety of aspects, such as financial constraints, start-up costs, business cycles, increasing returns to scale, production life cycles and experience curves. In contrast to many other publications on this subject, here, in combination with an analytical approach, the dynamic optimization problems are solved numerically with the aid of a powerful computer and specific programs for optimizing non-linear functions of a finite number of variables and non-linear constraints.

Author : Yacov Y. Haimes,Ralph E. Steuer
Publisher : Springer Science & Business Media
Page : 574 pages
File Size : 45,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642573118

Get Book

Research and Practice in Multiple Criteria Decision Making by Yacov Y. Haimes,Ralph E. Steuer Pdf

During the past two decades, the consideration of mUltiple objectives in modeling and decision making has grown by leaps and bounds. The nineties in particular have seen the emphasis shift from the dominance of single-objective modeling and optimization toward an emphasis on multiple objectives. The proceedings of this Conference epitomize these evolutionary changes and contribute to the important role that the tield of multiple criteria decision making (MCDM) now plays in planning, design, operational, management, and policy decisions. Of special interest are the contributions of MCDM to manufacturing engineering. For example, it has recently been recognized that optimal, single-objective solutions have often been pursued at the expense of the much broader applicability of designs and solutions that satisfy multiple objectives. In particular, the theme (MCDM and Its Worldwide Role in Risk-Based Decision Making) of the XIVth International Conference on Multiple Criteria Decision Making (Charlottesville, Virginia, USA, June 8-12, 1998) represents the growing importance of risk-cost-benefit analysis in decision making and in engineering design and manufacturing. In such systems, minimizing the of rare and extreme events emerges as an essential objective that risk complements the minimization of the traditional expected value of risk, along with the objectives attached to cost and performance. These proceedings include forty-five papers that were presented at the Conference. A variety of techniques have been proposed for solving multiple criteria decision-making problems. The emphasis and style of the different techniques largely reflect the fields of expertise of their developers.

Author : Günter Fandel,Tomas Gal
Publisher : Springer Science & Business Media
Page : 685 pages
File Size : 53,9 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9783642591327

Get Book

Multiple Criteria Decision Making by Günter Fandel,Tomas Gal Pdf

The organizers of the 12th International Conference on Multiple Cri teria Decision Making (MCDM) held June 19-23, 1995 in Hagen received the second time the opportunity to prepare an international conference on MCDM in Germany; the first opportunity has been the 3rd International Conference on MCDM in Konigswinter, 1979. Quite a time ellapsed since then and therefore it might be interesting to compare some indicators of the development of the International Society on MCDM, which has been founded in Konigswinter. Stanley Zionts has been elected first president and all 44 participants of that Conference became founding members. Today our Society has over 1200 members and its own Journal (MCDM World Scan). In Hagen, 1996, we had 152 participants from 34 countries. It is interesting to mention that also other Groups established their organi zation, like the European Working Group on Multiple Criteria Decision Aid, the German Working Group on Decision Theory and Applications, the Multi Objective Programming and Goal Programming Group, ESIGMA, and some others. It is also interesting to note that the intersection of members of all these Groups and Societies is not empty and there is quite a cooperation among them.

Author : Pia Weiß
Publisher : Springer Science & Business Media
Page : 244 pages
File Size : 49,8 Mb
Release : 2000-11-16
Category : Business & Economics
ISBN : 3540411615

Get Book

Unemployment in Open Economies by Pia Weiß Pdf

Unemployment in Open Economies studies how domestic labour markets are influenced by a changing international environment. It combines the recently developed search and matching models with standard models of international trade. By this method, the reader gains new insights in the ongoing debate on how globalisation can affect unemployment. The author develops a collection of models showing that globalisation can be one reason for long-known and well-documented phenomenons on the labour market. She puts emphasis on country differences by studying the role of individual risk behavior and the wage setting on the unemployment level.

Author : Toan Phan Huy
Publisher : Springer Science & Business Media
Page : 271 pages
File Size : 48,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642583353

Get Book

Constraint Propagation in Flexible Manufacturing by Toan Phan Huy Pdf

This book provides a thorough analysis of scheduling problems that arise in a flexible manufacturing environment with scarce resource supply. Generalizations of the famous job shop scheduling problem are discussed. As a basic and common technique for solving these problems constraint propagation is applied in various solution methods. The effectiveness of constraint propagation is demonstrated by the solution of a high number of benchmark problem instances.

Author : Andre Casajus
Publisher : Springer Science & Business Media
Page : 142 pages
File Size : 48,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642511127

Get Book

Focal Points in Framed Games by Andre Casajus Pdf

Go to, let us go down, and there confound their language, that they may not understand one another's speech. So the LORD scattered them abroad from thence upon the face of all the earth: and they left off to built the city. (Genesis 11.7-8) 1.1 Static Focal Points 1.1.1 Coordination In real life, people quite often face situations in which they prefer to act in the same way, but they are not particular about the concrete way of acting. Some examples are given below: Credit cards: Buyers want to possess the credit cards potential sellers do accept. Also, sellers wish to have contracted the credit card company the credit cards of which potential customers usually carry along. For both, basically, it is all the same which credit card this is. What matters is that both choices coincide. Communication, information transmission: The transmission of in formation requires that the signals used have the same meaning to both the sender and the receiver. But it is inessential which signal has a certain mean ing. In verbal communication, this basically means that the people involved use the same (natural) language, though even then some ambiguities remain. Things are a bit more difficult for non-verbal communication, for example data transmission between computers-both sides have to use the same or compatible protocols. Again, what matters is the protocols to be the same for both sides.

Author : Andranik Tangian,Josef Gruber
Publisher : Springer Science & Business Media
Page : 301 pages
File Size : 44,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642487736

Get Book

Constructing Scalar-Valued Objective Functions by Andranik Tangian,Josef Gruber Pdf

For several decades, scholars have developed methods for solving optimization problems which emerge in economics, econometrics, operations research, and other disciplines. A considerable effort has been made to construct equations from which constraints can be derived, but surprisingly little has been done to construct the other part of optimization models: the scalar-valued objective function, the constrained maximum or minimum of which gives the optimal solution. The given volume is intended to attract attention to the problem, to present the major achievements in the field and to stimulate further research and teaching.

Author : Matthias Ehrgott
Publisher : Springer Science & Business Media
Page : 248 pages
File Size : 42,6 Mb
Release : 2013-11-11
Category : Business & Economics
ISBN : 9783662221990

Get Book

Multicriteria Optimization by Matthias Ehrgott Pdf

Life is about decisions. Decisions, no matter if made by a group or an indi vidual, involve several conflicting objectives. The observation that real world problems have to be solved optimally according to criteria, which prohibit an "ideal" solution - optimal for each decision-maker under each of the criteria considered - has led to the development of multicriteria optimization. From its first roots, which where laid by Pareto at the end of the 19th century the discipline has prospered and grown, especially during the last three decades. Today, many decision support systems incorporate methods to deal with conflicting objectives. The foundation for such systems is a mathematical theory of optimization under multiple objectives. Fully aware of the fact that there have been excellent textbooks on the topic before, I do not claim that this is better text, but it has a has a consid erably different focus. Some of the available books develop the mathematical background in great depth, such as [SNT85, GN90, Jah86). Others focus on a specific structure of the problems covered as [Zel74, Ste85, Mie99) or on methodology [Yu85, CH83a, HM79). Finally there is the area of multicriteria decision aiding [Roy96, Vin92, KR93), the main goal of which is to help deci sion makers find the final solution (among many "optimal" ones) eventually to be implemented.

Author : Jianwei Zhu
Publisher : Springer Science & Business Media
Page : 188 pages
File Size : 42,7 Mb
Release : 2000
Category : Business & Economics
ISBN : 3540679162

Get Book

Modular Pricing of Options by Jianwei Zhu Pdf

The sound modeling of the smile effect is an important issue in quantitative finance as, for more than a decade, the Fourier transform has established itself as the most efficient tool for deriving closed-form option pricing formulas in various model classes. This book describes the applications of the Fourier transform to the modeling of volatility smile, followed by a comprehensive treatment of option valuation in a unified framework, covering stochastic volatilities and interest rates, Poisson and Levy jumps, including various asset classes such as equity, FX and interest rates, as well as various numberical examples and prototype programming codes. Readers will benefit from this book not only by gaining an overview of the advanced theory and the vast range of literature on these topics, but also by receiving first-hand feedback on the practical applications and implementations of the theory. The book is aimed at financial engineers, risk managers, graduate students and researchers.