Optimisation of Production Under Uncertainty The State-Contingent Approach /

• Main Author: Rasmussen, Svend (Author)
• Corporate Author: SpringerLink (Online service)
• Format: Electronic eBook
• Language: English
• Published: Berlin, Heidelberg : Springer Berlin Heidelberg : Imprint: Springer, 2011.
• Series: SpringerBriefs in Economics,
• Subjects: Production management.; Economic theory.; Microeconomics.; Economics.; Operations Management.; Economic Theory/Quantitative Economics/Mathematical Methods.

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...

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.