SpringerBriefs in Economics
2011
Optimisation of Production Under UncertaintyThe State-Contingent ApproachAuthors:

• Svend Rasmussen
• …show all 1hide
  

ISBN: 978-3-642-21685-5 (Print) 978-3-642-21686-2  (Online)



Optimisation of Production Under UncertaintyThe State-Contingent Approach

Series: SpringerBriefs in Economics

Rasmussen, Svend

2011, VIII, 81p. 20 illus..

ISBN 978-3-642-21686-2

  Immediately available per PDF-download (no DRM, watermarked)

About this textbook

• 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.

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