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Note---Blau's Dilemma Revisited

Author

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  • Robert F. Nau

    (Fuqua School of Business, Duke University, Durham, North Carolina 27706)

Abstract

The issue of equivalence between chance-constrained programming problems (CCPP's) and Bayesian utility-maximization problems (BUMP's), and the anomalous evaluation of information in CCPP's, are re-examined in light of a recent paper by Jagannathan and the ensuing exchange between Jagannathan and LaValle. Difficulties in "explaining" value of information within the framework of chance-constrained programming are illustrated in a numerical example due to Jagannathan.

Suggested Citation

  • Robert F. Nau, 1987. "Note---Blau's Dilemma Revisited," Management Science, INFORMS, vol. 33(10), pages 1232-1237, October.
    • Handle: RePEc:inm:ormnsc:v:33:y:1987:i:10:p:1232-1237
    DOI: 10.1287/mnsc.33.10.1232
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    Cited by:

    1. Robert F. Bordley & Stephen M. Pollock, 2009. "A Decision-Analytic Approach to Reliability-Based Design Optimization," Operations Research, INFORMS, vol. 57(5), pages 1262-1270, October.
    2. Lixia H. Lambert & Eric A. DeVuyst & Burton C. English & Rodney Holcomb, 2021. "Analyzing the Trade-Offs between Meeting Biorefinery Production Capacity and Feedstock Supply Cost: A Chance Constrained Approach," Energies, MDPI, vol. 14(16), pages 1-13, August.

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