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Considerations on the stochastic approach in economics

Author

Listed:
  • Ion Smeureanu

    (Bucharest University of Economic Studies, Romania)

  • Gheorghe Ruxanda

    (Bucharest University of Economic Studies, Romania)

Abstract

This paper presents several views on stochastic aspects in economic modeling. The authors analyzed the necessity of stochastic approach in economics, they described the specificity of stochastic models in this field and they presented the premises of this approach as well as the tools used. An analogy on stochastic events in economics and physics is also presented. Some views on the stochastic approach in production and energy consumption models are presented in the final part of the paper.

Suggested Citation

  • Ion Smeureanu & Gheorghe Ruxanda, 2013. "Considerations on the stochastic approach in economics," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(34), pages 401-416, June.
    • Handle: RePEc:aes:amfeco:v:15:y:2013:i:34:p:401-416
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    Citations

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    Cited by:

    1. Veronica Deac & Elena Hlaciuc, 2014. "The Necessity To Study The Randomness Within The Financial Performance Measurement," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 22-26, August.
    2. Liviu Stelian BEGU & Maria Denisa VASILESCU, 2017. "School-to-Work Transition: European Youth’s Perception of Labour Market Opportunities," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 51(1), pages 5-20.
    3. Gabriela Prelipcean & Mircea Boscoianu, 2014. "Stochastic Dynamic Model on the Consumption – Saving Decision for Adjusting Products and Services Supply According with Consumers` Attainability," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 16(35), pages 201-201, February.

    More about this item

    Keywords

    stochastic approach; stochastic modeling of energy; probability distribution; statistic inference; econometrics; risk and uncertainty.;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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