Stochastic Optimization and Economic Models (eBook, PDF)
Jati Sengupta
eBook, PDF

Stochastic Optimization and Economic Models (eBook, PDF)

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This book presents the main applied aspects of stochas tic optimization in economic models. Stochastic processes and control theory are used under optimization to illustrate the various economic implications of optimal decision rules. Unlike econometrics which deals with estimation, this book emphasizes the decision-theoretic basis of uncertainty specified by the stochastic point of view. Methods of ap plied stochastic control using stochastic processes have now reached an exciti~g phase, where several disciplines like systems engineering, operations research and natural reso- ces interact alo...

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