Flexibility and Adjustment to Information in Sequential Decision Problems
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Flexibility and Adjustment to Information in Sequential Decision Problems

Flexibility and Adjustment to Information in Sequential Decision Problems


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About the 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.


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Product Details
  • ISBN-13: 9783540546450
  • Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
  • Binding: Paperback
  • Height: 244 mm
  • No of Pages: 198
  • Series Title: Lecture Notes in Economic and Mathematical Systems
  • Sub Title: A Systematic Approach
  • Width: 170 mm
  • ISBN-10: 3540546456
  • Publisher Date: 11 Dec 1991
  • Edition: Softcover reprint of the original 1st ed. 1991
  • Language: English
  • Returnable: Y
  • Spine Width: 11 mm
  • Weight: 399 gr


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Flexibility and Adjustment to Information in Sequential Decision Problems
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