Info-Gap Theory in Plain English

Yakov Ben-Haim
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Yakov Ben-Haim: The Technion

Chapter Chapter 1 in Info-Gap Economics, 2010, pp 3-13 from Palgrave Macmillan

Abstract: Abstract Info-gap theory is described without using equations. The idea of an information-gap is introduced. The three components of an info-gap analysis are discussed: uncertainty model, system model, and performance requirement. The robustness and opportuneness functions are introduced and their use in decision making is discussed. Robustsatisficing and opportune-windfalling strategies are described. Implications of info-gap theory are outlined. Applications of info-gap theory to a wide range of disciplines are mentioned.

Keywords: Monetary Policy; Central Bank; Phillips Curve; Opportuneness Function; Equity Premium Puzzle (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27732-8_1

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DOI: 10.1057/9780230277328_1

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