The Welfare Costs of Parameter Uncertainty when the Variance is Unknown PDF Download
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Author: Michael Sampson
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Author: Michael Sampson
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Author: Concordia University. Department of Economics
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Author: Edward Schlee
Publisher:
ISBN:
Category : Environmental policy
Languages : en
Pages : 8
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Book Description
Abstract: This paper proposes a simple index of the welfare significance of uncertainty in the public goods resulting as policy outcomes. Our measure is the ex ante compensation an individual would require to accept an uncertain level of service compared to receiving the expected value of the distribution of possible values for that service. Our compensation measure is a function of the coefficient of relative risk aversion, the variance in the measure of environmental service associated with policy and relevant for the individual, and a set of conventional parameters that describe the properties of nonmarket benefit measures under conditions of certainty. We would expect that the inverse virtual price elasticity of the for the environmental service and the square of the coefficient of relative variation are the primary factors influencing the size of our compensation index
Author: Trevor Letcher
Publisher: Academic Press
ISBN: 0128141050
Category : Business & Economics
Languages : en
Pages : 822
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Book Description
Managing Global Warming: An Interface of Technology and Human Issues discusses the causes of global warming, the options available to solve global warming problems, and how each option can be realistically implemented. It is the first book based on scientific content that presents an overall reference on both global warming and its solutions in one volume. Containing authoritative chapters written by scientists and engineers working in the field, each chapter includes the very latest research and references on the potential impact of wind, solar, hydro, geo-engineering and other energy technologies on climate change. With this wide ranging set of topics and solutions, engineers, professors, leaders and policymakers will find this to be a valuable handbook for their research and work. Presents chapters that are accompanied by an easy reference summary Includes up-to-date options and technical solutions for global warming through color imagery Provides up-to-date information as presented by a collection of renowned global experts
Author: Yale University. Cowles Foundation for Research in Economics
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 548
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Author: Kenneth Train
Publisher: Cambridge University Press
ISBN: 0521766559
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Author: J.K. Sengupta
Publisher: Springer Science & Business Media
ISBN: 3642701639
Category : Business & Economics
Languages : en
Pages : 295
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Book Description
Understanding the stochastic enviornment is as much important to the manager as to the economist. From production and marketing to financial management, a manager has to assess various costs imposed by uncertainty. The economist analyzes the role of incomplete and too often imperfect information structures on the optimal decisions made by a firm. The need for understanding the role of uncertainty in quantitative decision models, both in economics and management science provide the basic motivation of this monograph. The stochastic environment is analyzed here in terms of the following specific models of optimization: linear and quadratic models, linear programming, control theory and dynamic programming. Uncertainty is introduced here through the para meters, the constraints, and the objective function and its impact evaluated. Specifically recent developments in applied research are emphasized, so that they can help the decision-maker arrive at a solution which has some desirable charac teristics like robustness, stability and cautiousness. Mathematical treatment is kept at a fairly elementary level and applied as pects are emphasized much more than theory. Moreover, an attempt is made to in corporate the economic theory of uncertainty into the stochastic theory of opera tions research. Methods of optimal decision rules illustrated he re are applicable in three broad areas: (a) applied economic models in resource allocation and economic planning, (b) operations research models involving portfolio analysis and stochastic linear programming and (c) systems science models in stochastic control and adaptive behavior.
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 576
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Author:
Publisher:
ISBN:
Category : Mathematical statistics
Languages : en
Pages : 866
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Book Description
The Current Index to Statistics (CIS) is a bibliographic index of publications in statistics, probability, and related fields.
Author:
Publisher:
ISBN:
Category : Industrial management
Languages : en
Pages : 594
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Book Description
Issues for Feb. 1965-Aug. 1967 include Bulletin of the Institute of Management Sciences.
