Flexibility and Adjustment to Information in Sequential Decision Problems A Systematic Approach / [electronic resource] :
by Armin Schmutzler.
- 1st ed. 1991.
- VIII, 198 p. online resource.
- Lecture Notes in Economics and Mathematical Systems, 371 0075-8442 ; .
- Lecture Notes in Economics and Mathematical Systems, 371 .
1 The Importance of Irreversibility and Learning - Familiar Examples Revisited -- 1.1 Neoclassical Investment Models: A Brief Survey -- 1.2 Flexible Manufacturing Systems -- 1.3 Conclusions -- 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts -- 2.1 The Two-Period Model without Uncertainty -- 2.2 The Two-Period Model with Uncertainty -- 2.3 Switching Costs -- 2.4 Summary and Outlook -- 3 Determinants of the Optimal Choice in Sequential Decision Problems - The Two-Period Case -- 3.1 The Formulation of the Problem -- 3.2 The Influence of the Choice Set -- 3.3 The Impact of the Decision Criterion -- 3.4 The Impact of the Information Structure -- 3.5 The Two-Period Model - Final Thoughts -- 4 A T-Period Model of Intertemporal Choice with Irreversibility and Uncertainty -- 4.1 The General T-Period Model of Choice -- 4.2 Some Generalities on Intertemporal Planning -- 4.3 Modelling Rolling Myopic Plans -- 4.4 Final Remarks on the T-Period Model -- 5 Consumption and Savings Decisions of Households -- 5.1 Motives for the Demand for Money - Some Familiar Tenets -- 5.2 The Structure of the Model -- 5.3 Money Demand when there are no Transaction Costs -- 5.4 Transaction Costs -- Epilogue -- References.
1 The Importance of Irreversibility and Learning - Familiar 11 Bxamples Revisited 1. 1 Neoclassical Investment Models: A Brief Survey 11 1. 1. 1 The Standard Neoclassical Investment Theory Model 13 1. 1. 2 The Investment Model with Adjustment Costs 15 1. 1. 3 The Irreversibility of Investment 17 1. 1. 4 Delivery Lags 18 1. 2 Flexible Manufacturing Systems 22 1. 2. 1 Some Basic Facts about Manufacturing 23 1. 2. 2 The Determinants of the Flexibility of Manufacturing Systems 25 1. 2. 3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The Two-Period Model without Uncertainty 33 2. 1. 1 The Elements of the Model 34 2. 1. 2 Economic Examples 37 2. 1. 3 Some Basic Results 39 2. 1. 4 Intertemporal Opportunity Costs 42 2. 2 The Two-Period Model with Uncertainty 46 2. 2. 1 The Elements of the Kodel 46 2. 2. 2 Special Cases 50 2. 2. 3 Flexibility and the Value of Information 54 2. 2. 4 An Example: Waiting to Invest 56 2. 3 Switching Costs 59 2. 3. 1 The Extended Model 59 2. 3. 2 An Example: Money Demand as Demand for Flexibility 61 2. 4 Summary and Outlook 63 3 Determinants of the Optimal Choice in Sequential Decision Problems - The Two-Period Case 65 3. 1 The Formulation of the Problem 66 3. 1.