Les caractéristiques d'une décision séquentielle. Effet irréversibilité et endogénéisation de l'environnement
Abstract
[fre] Les caractéristiques d'une décision séquentielle. Effet irréversibilité et endogénéisation de l'environnement. . L'analyse de la flexibilité est fondée sur les modèles séquentiels en information croissante. La décision initiale d'un modèle séquentiel a des conséquences plus larges que celles envisagées dans la théorie traditionnelle. Pour l'enrichir, nous étudions les conséquences d'une décision et introduisons la distinction entre environnement exogène et endogène, avant d'analyser la flexibilité dynamique dans ces deux cas. Dans les contextes complexes, nous verrons qu'il est impossible de donner une valeur d'option à la flexibilité et que le concept lui-même devient ambigu, du fait d'un arbitrage entre les différentes caractéristiques de la décision. Ces différents compléments sont illustrés par un exemple : les choix d'investissement soumis à un risque pays. [eng] The characteristics of a sequential decision: the irreversibility effect and the endogenization of environment. . The analysis of flexibility is based upon sequential models with growing information. The initial decision of a sequential model has consequences larger than those envisaged in the traditional "theory of decision". To enrich it we study consequences of a decision and introduce the distinction between exogenous and endogenous environment, before analyzing the dynamic flexibility in both cases. In complex contexts, we will prove that we cannot give an option value to the flexibility and that the concept becomes itself ambiguous. It confirms the necessity to arbitrage between the different characteristics of the decision. These analysis complements will be illustrated on an example: the choice of an investment with a country risk.Download Info
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic Info
Article provided by Programme National Persée in its journal Revue économique.
Volume (Year): 52 (2001)
Issue (Month): 3 ()
Pages: 739-752
Note: DOI:10.2307/3502886
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco
Related research
Keywords:Other versions of this item:
- Alban Richard & Michel Trommetter, 2001. "Les caractéristiques d'une décision séquentielle. Effet irréversibilité et endogénéisation de l'environnement," Revue économique, Presses de Sciences-Po, vol. 52(3), pages 739-752.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
References
No references listed on IDEASYou can help add them by filling out this form.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Olivier Godard, 2005. "The precautionary principle. Between social norms and economic constructs," Working Papers hal-00243008, HAL.
Lists
This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.Statistics
Access and download statisticsCorrections
When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_3_410353For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.