haku: @author Bernheim, B. D. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Bernheim, B. D. Ray, D. |
| Otsikko: | On the existence of Markov-Consistent Plans under production uncertainty. |
| Lehti: | Review of Economic Studies
1986 : OCT, VOL. 53:176, p. 877-884 |
| Asiasana: | MARKOV CHAINS PRODUCTION UNCERTAINTY |
| Kieli: | eng |
| Tiivistelmä: | Strotz and Pollak,who were among the first to study the behavior of an economic agent whose preferences change over time,suggested that such an agent would choose a "consistent plan","the best plan that he would actually follow". In a Markov-consistent plan current decisions are independent of past decisions,except insofar as past decisions affect the current values of state variables. This does not generally exist but the existence problem disappears for finite horizon problems when one introduces even a small amount of smooth uncertainty into production. |
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