Formulation of the Decision Problem
Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)
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This chapter includes a formal definition of the decision problem under uncertainty and the concepts involved.
KeywordsProduction Controllable inputs Non-controllable inputs Net-income Economic consequences
- Rasmussen, S. (2006). Optimizing production under uncertainty. Generalization of the state-contingent approach and comparison with the EV model. FOI Working Papers no. 5/2006, Institute of food and resource economics. The Royal Veterinary and Agricultural University, Copenhagen.Google Scholar
© Svend Rasmussen 2011