Sequential Binary Investment Decisions: A Bayesian Approach by Werner Jammernegg

Description: Sequential Binary Investment Decisions by Werner Jammernegg This book describes some models from the theory of investment which are mainly characterized by three features. 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. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description 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. Notes Springer Book Archives Table of Contents 1. Introduction.- 1.1 Uncertainty and Risk Aversion.- 1.2 Methods and Organization.- 2. The Monotonicity of Transition Probabilities.- 2.1 Sufficient Statistics.- 2.2 Posterior Distributions and Transition Probabilities.- 3. Dynamic Portfolio Models under Uncertainty.- 3.1 Classic Dynamic Portfolio Models.- 3.2 Binary Dynamic Portfolio Models under Uncertainty.- 4. The Optimal Timing of Investment.- 4.1 Investment Decisions and the Economic Life of Projects.- 4.2 A Deterministic Model in Continuous Time.- 4.3 Investment Models under Conditions of Risk.- 4.4 Investment Models under Conditions of Uncertainty.- 5. Concluding Remarks.- References. Promotional Springer Book Archives Long Description 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 Details ISBN3540500340 Author Werner Jammernegg Publisher Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Year 1988 ISBN-10 3540500340 ISBN-13 9783540500346 Format Paperback Imprint Springer-Verlag Berlin and Heidelberg GmbH & Co. K Subtitle A Bayesian Approach Place of Publication Berlin Country of Publication Germany DEWEY 658.1520724 Birth 1953 Publication Date 1988-07-27 Short Title SEQUENTIAL BINARY INVESTMENT D Language English Media Book Series Number 313 Pages 156 Illustrations VI, 156 p. DOI 10.1007/978-3-642-46646-5 Edition Description Softcover reprint of the original 1st ed. 1988 Series Lecture Notes in Economics and Mathematical Systems Audience Undergraduate We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:96316803;

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