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© 2011

Optimisation of Production Under Uncertainty

The State-Contingent Approach

  • 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

Book

Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)

Table of contents

  1. Front Matter
    Pages i-viii
  2. Svend Rasmussen
    Pages 1-2
  3. Svend Rasmussen
    Pages 3-4
  4. Svend Rasmussen
    Pages 5-17
  5. Svend Rasmussen
    Pages 19-23
  6. Svend Rasmussen
    Pages 25-30
  7. Svend Rasmussen
    Pages 31-33
  8. Svend Rasmussen
    Pages 43-78
  9. Svend Rasmussen
    Pages 79-81

About this book

Introduction

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.

Keywords

Good and Bad States of Nature Production Risk Averse State-Contingent Goods Utility Function

Authors and affiliations

  1. 1.Department of Resource EconomicsUniversity of CopenhagenFrederiksberg CDenmark

Bibliographic information

Industry Sectors
Finance, Business & Banking