Sequential Binary Investment Decisions : A Bayesian Approach

Language: English

Published by Springer, 1988

3540500340 / 9783540500346

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Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH

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Druck auf Anfrage Neuware - Printed after ordering - This book describes some models from the theory of investment which are mainly characterized by three features. Firstly, the decision-maker acts in a dynamic environment. Secondly, the distributions of the random variables are only incompletely known at the beginning of the planning process. This is termed as decision-making under conditions of uncer tainty. Thirdly, in large parts of the work we restrict the analysis to binary decision models. In a binary model, the decision-maker must choose one of two actions. For example, one decision means to undertake the invest ment project in a planning period, whereas the other decision prescribes to postpone the project for at least one more period. The analysis of dynamic decision models under conditions of uncertainty is not a very common approach in economics. In this framework the op timal decisions are only obtained by the extensive use of methods from operations research and from statistics. It is the intention to narrow some of the existing gaps in the fields of investment and portfolio analysis in this respect. This is done by combining techniques that have been devel oped in investment theory and portfolio selection, in stochastic dynamic programming, and in Bayesian statistics. The latter field indicates the use of Bayes' theorem for the revision of the probability distributions of the random variables over time.…

Seller Inventory # 9783540500346

Title
Sequential Binary Investment Decisions : A Bayesian Approach
Author
Werner Jammernegg
Publisher
Springer
Publication year
1988
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
3540500340
ISBN 13
9783540500346
Item weight
302 grams
Dimensions
244x170x10 mm

AHA-BUCH GmbH

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