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Subgame Consistent Economic Optimization

Buch | Hardcover
380 Seiten
2011
Birkhäuser Boston (Verlag)
978-0-8176-8261-3 (ISBN)

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Subgame Consistent Economic Optimization - David W.K. Yeung, Leon A. Petrosyan
CHF 89,85 inkl. MwSt
This book discusses subgame consistent economic optimization, developing game-theoretic optimization techniques to establish the foundation for an effective policy menu to tackle sub-optimal problems which the conventional market mechanism fails to resolve.
Various imperfections in existing market systems prevent the free market from serving as a truly efficient allocation mechanism, but optimization of economic activities provides an effective remedial measure. Cooperative optimization claims that socially optimal and individually rational solutions to decision problems involving strategic action over time exist. To ensure that cooperation will last throughout the agreement period, however, the stringent condition of subgame consistency is required. This textbook presents a study of subgame consistent economic optimization, developing game-theoretic optimization techniques to establish the foundation for an effective policy menu to tackle the suboptimal behavior that the conventional market mechanism fails to resolve.

David W. K. Yeung is Distinguished Research Professor and Head of Business Administration at Hong Kong Shue Yan University, and the Kantorovich Research Chair in Stochastic Differential Games and co-director of the Centre of Game Theory at Saint Petersburg State University. He is also Distinguished Honorary Professor of Qingdao University - an honor he received along with Nobel laureates John Nash, Reinhard Selten, and Robert Aumann. Yeung's main areas of research are game theory, optimization, and stochastic processes. He serves as Managing Editor of International Game Theory Review, Guest Editor of Annals of Operations Research, Associate Editor of Dynamic Games and Applications, and Editorial Board Member of Mathematical Game Theory & Applications. Yeung has published extensively in world-renowned science journals, in particular, Automatica, Journal of Optimization Theory and Applications, Annals of Operations Research, European Journal of Operational Research, International Game Theory Review, and Mathematical Biosciences.

Preface.- Introduction.- 1 Dynamic Strategic Interactions in Economic System.- 2 Dynamic Economic Optimization: Group Optimality and Individual Rationality.- 3 Time Consistency and Optimal-Trajectory-Subgame Consistent Economic Optimization.- 4 Dynamically Stable Cost-saving Joint Venture.- 5 Collaborative Environmental Management.- 6 Dynamically Stable Dormant Firm Cartel.- 7 Subgame Consistent Economic Optimization Under Uncertainty.- 8 Cost-saving Joint Venture Under Uncertainty.- 9 Collaborative Environmental Management Under Uncertainty.- 10 Subgame Consistent Dormant Firm Cartel.- 11 Dynamic Consistency in Discrete-time Cooperative Games.- 12 Discrete-time Cooperative Games Under Uncertainty.- Technical Appendices.- References.- Index.

Reihe/Serie Static & Dynamic Game Theory: Foundations & Applications
Zusatzinfo black & white illustrations
Verlagsort Secaucus
Sprache englisch
Maße 156 x 234 mm
Gewicht 752 g
Einbandart gebunden
Themenwelt Mathematik / Informatik Mathematik Angewandte Mathematik
Mathematik / Informatik Mathematik Finanz- / Wirtschaftsmathematik
Mathematik / Informatik Mathematik Wahrscheinlichkeit / Kombinatorik
Wirtschaft Allgemeines / Lexika
Wirtschaft Volkswirtschaftslehre Ökonometrie
Schlagworte cooperative dynamic games • cooperative optimization • Economic Modeling • Economic Optimization • game-theoretic optimization • stochastic dynamic games • subgame consistency
ISBN-10 0-8176-8261-9 / 0817682619
ISBN-13 978-0-8176-8261-3 / 9780817682613
Zustand Neuware
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