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Multistage Stochastic Decision and Economic Processes
[Vícestupňové stochastické rozhodování a ekonomické procesy]

Author

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  • Vlasta Kaňková

Abstract

Economic and social phenomena develop over time, they are mostly influenced by random factors and, moreover, it is very often necessary to evaluate them simultaneously by several "objective" functions. Multistage stochastic programming problems, control Markov chains, empirical processes as well as stochastic multiobjective problems can serve to model them. We focus to cases that can be treated by multistage stochastic programming models with Markov type of dependence.

Suggested Citation

  • Vlasta Kaňková, 2005. "Multistage Stochastic Decision and Economic Processes [Vícestupňové stochastické rozhodování a ekonomické procesy]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2005(1), pages 119-127.
    • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:1:id:143:p:119-127
    DOI: 10.18267/j.aop.143
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    References listed on IDEAS

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    1. Matthias Nowak & Werner Römisch, 2000. "Stochastic Lagrangian Relaxation Applied to Power Scheduling in a Hydro-Thermal System under Uncertainty," Annals of Operations Research, Springer, vol. 100(1), pages 251-272, December.
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    More about this item

    Keywords

    economic processes; multistage stochastic programming; Markov dependence;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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