Risk, Uncertainty and Profit PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Risk, Uncertainty and Profit PDF full book. Access full book title Risk, Uncertainty and Profit by Frank H. Knight. Download full books in PDF and EPUB format.
Author: Frank H. Knight
Publisher: Cosimo, Inc.
ISBN: 1602060053
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author: Frank H. Knight
Publisher: Cosimo, Inc.
ISBN: 1602060053
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author: Clifford Richard Bell
Publisher: Springer
ISBN:
Category : Psychology
Languages : en
Pages : 220
Get Book Here
Book Description
Author: Imogen Evans
Publisher: Pinter & Martin Publishers
ISBN: 1905177488
Category : Health & Fitness
Languages : en
Pages : 187
Get Book Here
Book Description
This work provides a thought-provoking account of how medical treatments can be tested with unbiased or 'fair' trials and explains how patients can work with doctors to achieve this vital goal. It spans the gamut of therapy from mastectomy to thalidomide and explores a vast range of case studies.
Author: Mykel J. Kochenderfer
Publisher: MIT Press
ISBN: 0262331713
Category : Computers
Languages : en
Pages : 350
Get Book Here
Book Description
An introduction to decision making under uncertainty from a computational perspective, covering both theory and applications ranging from speech recognition to airborne collision avoidance. Many important problems involve decision making under uncertainty—that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system. This book provides an introduction to the challenges of decision making under uncertainty from a computational perspective. It presents both the theory behind decision making models and algorithms and a collection of example applications that range from speech recognition to aircraft collision avoidance. Focusing on two methods for designing decision agents, planning and reinforcement learning, the book covers probabilistic models, introducing Bayesian networks as a graphical model that captures probabilistic relationships between variables; utility theory as a framework for understanding optimal decision making under uncertainty; Markov decision processes as a method for modeling sequential problems; model uncertainty; state uncertainty; and cooperative decision making involving multiple interacting agents. A series of applications shows how the theoretical concepts can be applied to systems for attribute-based person search, speech applications, collision avoidance, and unmanned aircraft persistent surveillance. Decision Making Under Uncertainty unifies research from different communities using consistent notation, and is accessible to students and researchers across engineering disciplines who have some prior exposure to probability theory and calculus. It can be used as a text for advanced undergraduate and graduate students in fields including computer science, aerospace and electrical engineering, and management science. It will also be a valuable professional reference for researchers in a variety of disciplines.
Author: Robert M. Arkin
Publisher: Psychology Press
ISBN: 1136950575
Category : Psychology
Languages : en
Pages : 497
Get Book Here
Book Description
This Handbook explores the cognitive, motivational, interpersonal, clinical, and applied aspects of personal uncertainty. It showcases both the diversity and the unity that defines contemporary perspectives on uncertainty in self within social and personality psychology. The contributions to the volume are all written by distinguished scholars in personality, social psychology, and clinical psychology united by their common focus on the causes and consequences of self-uncertainty. Chapters explore the similarities and differences between personal uncertainty and other psychological experiences in terms of their nature and relationship with human thought, emotion, motivation, and behavior. Specific challenges posed by personal uncertainty and the coping strategies people develop in their daily life are identified. There is an assessment of the potential negative and positive repercussions of coping with the specific experience of self-uncertainty, including academic, health, and relationship outcomes. Throughout, strategies specifically designed to assist others in confronting the unique challenges posed by self-uncertainty in ways that emphasize healthy psychological functioning and growth are promoted. In addition, the contributions to the Handbook touch on the psychological, social, and cultural context of the new millennium, including concepts such as Friedman’s "flat world," confidence, the absence of doubt in world leaders, the threat of terrorism since 9/11, the arts, doubt and religious belief, and views of doubt as the universal condition of humankind. The Handbook is an invaluable resource for researchers, practitioners, and senior undergraduate and graduate students in social and personality psychology, clinical and counseling psychology, educational psychology, and developmental psychology.
Author: Stefan Riedener
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110736225
Category : Philosophy
Languages : en
Pages : 157
Get Book Here
Book Description
How ought you to evaluate your options if you're uncertain about what's fundamentally valuable? A prominent response is Expected Value Maximisation (EVM)—the view that under axiological uncertainty, an option is better than another if and only if it has the greater expected value across axiologies. But the expected value of an option depends on quantitative probability and value facts, and in particular on value comparisons across axiologies. We need to explain what it is for such facts to hold. Also, EVM is by no means self-evident. We need an argument to defend that it’s true. This book introduces an axiomatic approach to answer these worries. It provides an explication of what EVM means by use of representation theorems: intertheoretic comparisons can be understood in terms of facts about which options are better than which, and mutatis mutandis for intratheoretic comparisons and axiological probabilities. And it provides a systematic argument to the effect that EVM is true: the theory can be vindicated through simple axioms. The result is a formally cogent and philosophically compelling extension of standard decision theory, and original take on the problem of axiological or normative uncertainty.
Author: Dennis V. Lindley
Publisher: John Wiley & Sons
ISBN: 0470055472
Category : Mathematics
Languages : en
Pages : 268
Get Book Here
Book Description
A lively and informal introduction to the role of uncertainty and probability in people's lives from an everyday perspective From television game shows and gambling techniques to weather forecasting and the financial markets, virtually every aspect of modern life involves situations in which the outcomes are uncertain and of varying qualities. But as noted statistician Dennis Lindley writes in this distinctive text, "We want you to face up to uncertainty, not hide it away under false concepts, but to understand it and, moreover, to use the recent discoveries so that you can act in the face of uncertainty more sensibly than would have been possible without the skill." Accessibly written at an elementary level, this outstanding text examines uncertainty in various everyday situations and introduces readers to three rules--craftily laid out in the book--that prove uncertainty can be handled with as much confidence as ordinary logic. Combining a concept of utility with probability, the book insightfully demonstrates how uncertainty can be measured and used in everyday life, especially in decision-making and science. With a focus on understanding and using probability calculations, Understanding Uncertainty demystifies probability and: * Explains in straightforward detail the logic of uncertainty, its truths, and its falsehoods * Explores what has been learned in the twentieth century about uncertainty * Provides a logical, sensible method for acting in the face of uncertainty * Presents vignettes of great discoveries made in the twentieth century * Shows readers how to discern if another person--whether a lawyer, politician, scientist, or journalist--is talking sense, posing the right questions, or obtaining sound answers Requiring only a basic understanding of mathematical concepts and operations, Understanding Uncertainty is useful as a text for all students who have probability or statistics as part of their course, even at the most introductory level.
Author: Vincent A. W. J. Marchau
Publisher: Springer
ISBN: 3030052524
Category : Business & Economics
Languages : en
Pages : 408
Get Book Here
Book Description
This open access book focuses on both the theory and practice associated with the tools and approaches for decisionmaking in the face of deep uncertainty. It explores approaches and tools supporting the design of strategic plans under deep uncertainty, and their testing in the real world, including barriers and enablers for their use in practice. The book broadens traditional approaches and tools to include the analysis of actors and networks related to the problem at hand. It also shows how lessons learned in the application process can be used to improve the approaches and tools used in the design process. The book offers guidance in identifying and applying appropriate approaches and tools to design plans, as well as advice on implementing these plans in the real world. For decisionmakers and practitioners, the book includes realistic examples and practical guidelines that should help them understand what decisionmaking under deep uncertainty is and how it may be of assistance to them. Decision Making under Deep Uncertainty: From Theory to Practice is divided into four parts. Part I presents five approaches for designing strategic plans under deep uncertainty: Robust Decision Making, Dynamic Adaptive Planning, Dynamic Adaptive Policy Pathways, Info-Gap Decision Theory, and Engineering Options Analysis. Each approach is worked out in terms of its theoretical foundations, methodological steps to follow when using the approach, latest methodological insights, and challenges for improvement. In Part II, applications of each of these approaches are presented. Based on recent case studies, the practical implications of applying each approach are discussed in depth. Part III focuses on using the approaches and tools in real-world contexts, based on insights from real-world cases. Part IV contains conclusions and a synthesis of the lessons that can be drawn for designing, applying, and implementing strategic plans under deep uncertainty, as well as recommendations for future work. The publication of this book has been funded by the Radboud University, the RAND Corporation, Delft University of Technology, and Deltares.
Author: Cornelius T. Leondes
Publisher: Elsevier
ISBN: 0080531458
Category : Computers
Languages : en
Pages : 2125
Get Book Here
Book Description
This six-volume set presents cutting-edge advances and applications of expert systems. Because expert systems combine the expertise of engineers, computer scientists, and computer programmers, each group will benefit from buying this important reference work. An "expert system" is a knowledge-based computer system that emulates the decision-making ability of a human expert. The primary role of the expert system is to perform appropriate functions under the close supervision of the human, whose work is supported by that expert system. In the reverse, this same expert system can monitor and double check the human in the performance of a task. Human-computer interaction in our highly complex world requires the development of a wide array of expert systems. Expert systems techniques and applications are presented for a diverse array of topics including Experimental design and decision support The integration of machine learning with knowledge acquisition for the design of expert systems Process planning in design and manufacturing systems and process control applications Knowledge discovery in large-scale knowledge bases Robotic systems Geograhphic information systems Image analysis, recognition and interpretation Cellular automata methods for pattern recognition Real-time fault tolerant control systems CAD-based vision systems in pattern matching processes Financial systems Agricultural applications Medical diagnosis
Author: National Research Council
Publisher: National Academies Press
ISBN: 030904894X
Category : Science
Languages : en
Pages : 668
Get Book Here
Book Description
The public depends on competent risk assessment from the federal government and the scientific community to grapple with the threat of pollution. When risk reports turn out to be overblownâ€"or when risks are overlookedâ€"public skepticism abounds. This comprehensive and readable book explores how the U.S. Environmental Protection Agency (EPA) can improve its risk assessment practices, with a focus on implementation of the 1990 Clean Air Act Amendments. With a wealth of detailed information, pertinent examples, and revealing analysis, the volume explores the "default option" and other basic concepts. It offers two views of EPA operations: The first examines how EPA currently assesses exposure to hazardous air pollutants, evaluates the toxicity of a substance, and characterizes the risk to the public. The second, more holistic, view explores how EPA can improve in several critical areas of risk assessment by focusing on cross-cutting themes and incorporating more scientific judgment. This comprehensive volume will be important to the EPA and other agencies, risk managers, environmental advocates, scientists, faculty, students, and concerned individuals.
