Applied Decision Analysis and Economic Behaviour (Advanced Studies in Theoretical and Applied Econometrics)

Hughes, Hallett Andrew:

ISBN 10: 9024729688 / ISBN 13: 9789024729685

Published by Springer 30.09.1984., 1984

About this Item

370 Seiten ex Library Book aus einer wissenschafltichen Bibliothek Sprache: Englisch Gewicht in Gramm: 969 24,1 x 15,7 x 2,8 cm, Gebundene Ausgabe.

Seller Inventory # 364646

Bibliographic Details

• Title: Applied Decision Analysis and Economic Behaviour (Advanced Studies in Theoretical and Applied Econometrics)
• Publisher: Springer 30.09.1984.
• Publication Date: 1984
• Language: English
• ISBN 10: 9024729688
• ISBN 13: 9789024729685
• Binding: Hardcover
• Edition: Auflage: 1984.
• Condition: Gut
• Weight: 969 grams
• Seller catalogs:
  • Alle Bücher

About this title

Synopsis

The optimisation of economic systems over time, and in an uncertain environment, is central to the study of economic behaviour. The behaviour of rational decision makers, whether they are market agents, firms, or governments and their agencies, is governed by decisions designed to seeure the best outcomes subject to the perceived information and economic responses (inlcuding those of other agents). Economic behaviour has therefore to be analysed in terms of the outcomes of a multiperiod stochastic optimisation process containing four main components: the economic responses (the dynamic constraints, represented by an economic model); the objec­ tive function (the goals and their priorities); the conditioning information (expected exogenous events and the expected future state of the economy); and risk manage­ ment (how uncertainties are accommodated). The papers presented in this book all analyse some aspect of economic behaviour related to the objectives, information, or risk components of the decision process. While the construction of economic models obviously also has a vital role to play, that component has received much greater (or almost exclusive) attention elsewhere. These papers examine optimising behaviour in a wide range of economic problems, both theoretical and applied. They reflect a variety of concerns: economic responses under rational expectations; the Lucas critique and optimal fiscal or monetary poli­ eies; market management; partly endogenous goals; evaluating government reactions; locational decisions; uncertainty and information structures; and forecasting with endogenous reactions.