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  • © 2011

Optimisation of Production Under Uncertainty

The State-Contingent Approach

Authors:

  • 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

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-viii
  2. Introduction

    • Svend Rasmussen
    Pages 1-2
  3. Decision Theory Elements

    • Svend Rasmussen
    Pages 3-4
  4. Utility Function

    • Svend Rasmussen
    Pages 5-17
  5. State-Contingent Outcome and Preferences

    • Svend Rasmussen
    Pages 19-23
  6. Preferences and Subjective Probabilities

    • Svend Rasmussen
    Pages 25-30
  7. Formulation of the Decision Problem

    • Svend Rasmussen
    Pages 31-33
  8. Optimising Production Under Uncertainty

    • Svend Rasmussen
    Pages 43-78
  9. Summary and Conclusion

    • Svend Rasmussen
    Pages 79-81

About this book

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.

Authors and Affiliations

  • Department of Resource Economics, University of Copenhagen, Frederiksberg C, Denmark

    Svend Rasmussen

Bibliographic Information

Buy it now

Buying options

eBook USD 34.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 49.95
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access