'rO\YAHD A 1)IJFINITION OF FLEXIBILITT. Many decision problcms are charac terizecl by tlic following structurc: a) The payoff to the dccision maker is a function of a sequciice of actions takcn by hiin, at times t, , t, , ... , t, , ... , a d a sequence of states of thc world bcyond his control. b) At any point in the decision sequence, the decision maker has less than pcrfect infornration about what the future sequence of states of thc world will be. - 43 c) Although beforc. timc f, the dccisioii inakor is uncertain as to what the world will be likc at tiiiic I , , he isâless uncertain at times closer to t, than he was at times farther away. The decision maker acquires additional information-he learns about future states of the world-as time goes by. Although flexibility could be discussed in much more general terms, we shall investigate it liere for two-stage decision problems. The payoff to the decision maker, that is to say, can be written (1.1) x = TF(al, a , , w ), where a, is the action taken at timc i t , a, is the action taken
Metroeconomica – Wiley
Published: Feb 1, 1962
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera