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Estimation risk occurs in the almost universal situation where parameters of importance for decision making are not known with certainty. Bayes' criterion is the procedure consistent with expected utility maximization in the presence of estimation risk. Three interrelated problems in the...
Persistent link: https://www.econbiz.de/10005786510
are uncertain, and demand consists of feed, food, energy, and exports. Modeling uncertainty in crop yields allows the …
Persistent link: https://www.econbiz.de/10005786532
organisation of the two types of enterprise and its relation to some market features. In a continuous time stochastic environment …, with sunk costs, we model entry as a growth option. Partnerships and Firms display speci?c entry patterns in terms of … output price and size since they react in diverse fashions to market uncertainty. In most cases, the Partnership is less …
Persistent link: https://www.econbiz.de/10005786745
over time and investments are irreversible and indivisible. It extends the standard investment-under-uncertainty set …
Persistent link: https://www.econbiz.de/10005787488
This paper proposes a new framework of choice under uncertainty, where the only information available to the decision … recent complete uncertainty models, where the agent has no information whatever about the probability of the outcomes, even …
Persistent link: https://www.econbiz.de/10005788515
costs, practices and outcome induce a high level of uncertainty. Second, a high degree of managerial complexity results from … mere prohibitive costs of maintaining a patent in force in many jurisdictions. First, detailed analysis of judicial systems … of uncertainty and complexity contribute to reduce the effectiveness of the European patent system and provide additional …
Persistent link: https://www.econbiz.de/10005788910
operation of VE is how to allocate the profit among partners in uncertain environment. This case can be viewed as a fuzzy …
Persistent link: https://www.econbiz.de/10005753739
environment. Some aspects such as globalisation, heavy dependence on transportation, communication infrastructures and lean … these networks. In this paper, focusing the attention on a cosmetic sector where the uncertainty is even more high, it is …
Persistent link: https://www.econbiz.de/10005753740
the uncertainty involved in fisheries management and how it has been handled by scientists and managers; finally, the …
Persistent link: https://www.econbiz.de/10005754297
uncertainty over the long term, that must be faced for achieving better understanding of our environment and the planet's life …
Persistent link: https://www.econbiz.de/10005754425