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.
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© 1985 Springer-Verlag Berlin Heidelberg
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Sengupta, J.K. (1985). Optimal Decisions and Management Models. In: Optimal Decisions Under Uncertainty. Universitext. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-70163-4_7
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DOI: https://doi.org/10.1007/978-3-642-70163-4_7
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-15032-9
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