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Background: Uncertainty conditions have been increasingly considered in optimization problems arising in real … metaheuristics, the methodology becomes a simheuristic, which allows the optimization element to solve scenarios under uncertainty … approached with simulation techniques. However, simulation is not an optimization tool. Hence, it must be combined with …
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The current coronavirus pandemic is a recent example of how an unpredictable event can cause uncertainty and affect … Uncertainty Index, developed by the three economists Scott R. Baker, Nicholas Bloom and Steven J. Davis, try to capture … perceptions of uncertainty and use them to generate predictions for the economic future. The index is based on a search term that …
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Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann-Morgenstern utility function, where concepts of function and random variable are employed in their...
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Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...
Persistent link: https://www.econbiz.de/10011422415
Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...
Persistent link: https://www.econbiz.de/10011281255