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Multistage Stochastic Decision and Economic Processes

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," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2005(1), pages 119-127.
  • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:1:id:143:p:119-127
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    More about this item

    Keywords

    economic processes; multistage stochastic programming; Markov dependence;

    JEL classification:

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

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