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Optimal Decisions and Management Models

  • Jati K. Sengupta
Part of the Universitext book series (UTX)

Abstract

Decisions characterized as optimal are relative to the model specified and utilized. But models are merely theoretical constructs, which at best are approximations of the real world. Even as approximation, models need updating with increasing information and even revision, if the underlying environment has changed. In a dynamic environment when information becomes available only sequentially, risk plays a more active role and hence the need for characterizing optimal decisions becomes all the more important.

Keywords

Risk Aversion Optimal Decision Differential Game Economic Planning Basic Feasible Solution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

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    Sengupta, J.K. Models of economic planning under uncertainty: a selective survey and appraisal. Journal of Policy Modeling, 4 (1982), 111–134.CrossRefGoogle Scholar
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    Lange, O. Optimal Decisions. Oxford: Pergamon Press, 1971.Google Scholar
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    Scott, M.F. and others. Project Appraisal in Practice. London: Heinmann Educational Books, 1976.Google Scholar
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    Duloy, J.H. and R.D. Norton. A programming model of Mexican agriculture, in Multilevel Planning: Case Studies in Mexico. Amsterdam: North Holland, 1973.Google Scholar
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    Nugent, J.B. “Linear programming models for national planning: Demonstration of a testing procedure.” Econometrica, 38 (1970), 831–855.CrossRefGoogle Scholar
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    Sengupta, J.K. Information and Efficiency in Economic Decisions. Hague, Netherlands: Martinus Nijhoff Publishers, 1984.Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 1985

Authors and Affiliations

  • Jati K. Sengupta
    • 1
  1. 1.Department of EconomicsUniversity of CaliforniaSanta BarbaraUSA

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