Introduction to Stochastic Optimisation and Game Theory

D.N.P. Murthy () and Nat Jack ()
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D.N.P. Murthy: University of Queensland
Nat Jack: University of Abertay Dundee

Chapter Chapter 4 in Extended Warranties, Maintenance Service and Lease Contracts, 2014, pp 77-87 from Springer

Abstract: Abstract Decision problems may be classified in different ways. They may be either static or dynamic. In the static situation, decisions have to be made only once, whereas a dynamic problem involves multiple decisions over time. Decision problems may also be either deterministic or stochastic. In a deterministic problem, uncertainty is assumed to be insignificant and is ignored, whereas in a stochastic problem, the effect of uncertainty is included in the modelling, and this is done through the presence of random variables.

Keywords: Nash Equilibrium; Dynamic Game; Certainty Equivalent; Static Game; Stackelberg Game (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-1-4471-6440-1_4

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