The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement...

Preface -- 1 Introduction -- 2 Decision Theory Elements -- 3 Utility Function -- 4 State-Contingent Outcome and Preference -- 5 Preferences and Subjective Probabilities -- 6 Formulation of the Decision Problem -- 7 Connections Between Input and State-Contingent Output -- 8 Optimising Production...

Risk: Is There a Unique Objective Measure? -- Expected Utility Theory -- Stochastic Dominance Decision Rules -- Stochastic Dominance: The Quantile Approach -- Algorithms for Stochastic Dominance -- Stochastic Dominance with Specific Distributions -- Almost Stochastic Dominance (ASD) --...

The book introduces the New Keynesian framework, historically through a literature overview and through a step-by-step derivation of a New Keynesian Phillips curve, an intertemporal IS curve, and a targeting rule for the central bank. This basic version is then expanded by introducing cost and...

This book is intended to present the milestones in the progression of uncertain Data envelopment analysis (DEA). Chapter 1 gives some basic introduction to uncertain theories, including probability theory, credibility theory, uncertainty theory and chance theory. Chapter 2 presents a...

This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: the stochastic dominance approach; the mean-variance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative...

Random Set Theory -- Random Multiple Objective Decision Making -- Bi-random Multiple Objective Decision Making -- Random Fuzzy Multiple Objective Decision Making -- Random Rough Multiple Objective Decision Making -- Methodological System for RLMODM -- Some Mathematical Aids -- Some Procedures

Here, two highly experienced authors present an alternative approach to optimal stopping problems. The basic ideas and techniques of the approach can be explained much simpler than the standard methods in the literature on optimal stopping problems. The monograph will teach the reader to apply...

Electricity Markets -- Stochastic Programming Fundamentals -- Uncertainty Characterization via Scenarios -- Risk management -- Producer Pool Trading -- Pool Trading for Wind Power Producers -- Futures Market Trading for Producers -- Medium-Term Retailer Trading -- Energy Procurement by Consumers...

Lionel Robbins definiert die Ökonomie als Verhaltenswissenschaft, welche untersucht wie knappe Mittel mit unterschiedlichen Verwendungsmöglichkeiten zur Erreichung von Zielen eingesetzt werden. Wolfgang J. Fellner erweitert das Verständnis von Zielen in der Ökonomie. Er reduziert das...