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Information and Efficiency in Economic Decision

  • Authors
  • Jati K. Sengupta

Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 4)

Table of contents

  1. Front Matter
    Pages I-XI
  2. Introductory problem

    1. Front Matter
      Pages 1-1
  3. Linear Quadratic Models

  4. Game theory models in economics

  5. Efficiency analysis and risk aversion in economic models

    1. Front Matter
      Pages 349-349
    2. Jati K. Sengupta
      Pages 351-370
  6. Economic Planning and stochastic optimization

    1. Front Matter
      Pages 371-371
    2. Jati K. Sengupta
      Pages 397-434
  7. Back Matter
    Pages 477-481

About this book

Introduction

Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco­ nomics, but in decision-making situations it has stochastic and evolution­ ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom­ ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be definitive on all aspects of the issues involved. However questions that appear to be most important in this author's view are emphasized in many cases, without drawing any definite conclusions. It is hoped that these questions would provoke new interest for those beginning researchers in the field who are currently most active. Various classifications of information structures and their relevance for optimal decision-making in a stochastic environment are analyzed in some detail. Specifically the following areas are illustrated in its analytic aspects: 1. Stochastic optimization in linear economic models, 2. Stochastic models in dynamic economics with problems of time-inc- sistency, causality and estimation, 3. Optimal output-inventory decisions in stochastic markets, 4. Minimax policies in portfolio theory, 5. Methods of stochastic control and differential games, and 6. Adaptive information structures in decision models in economics and the theory of economic policy.

Keywords

Stochastic Optimization Stochastic model Stochastic models game theory linear optimization optimization

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-5053-5
  • Copyright Information Springer Science+Business Media B.V. 1985
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-8737-7
  • Online ISBN 978-94-009-5053-5
  • Series Print ISSN 1570-5811
  • Buy this book on publisher's site
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