A First Look: Stylized Example

Yakov Ben-Haim
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Yakov Ben-Haim: The Technion

Chapter Chapter 2 in Info-Gap Economics, 2010, pp 15-25 from Palgrave Macmillan

Abstract: Abstract A very simplistic example gives a preliminary feel for info-gap analysis: how it is done, what one can learn, and how it supports decision making. The system and uncertainty models and the satisficing and windfalling performance requirements are formulated. The robustness function is derived, the robust-satisficing decision strategy is discussed, and three properties are studied: trade-off between robustness and performance, zeroing of the robustness at the anticipated outcome, and crossing of robustness curves leading to reversal of preferences between alternative actions. The opportuneness function is formulated and derived, and how it supplements the robustness function is demonstrated. The opportune-windfalling decision strategy is discussed.

Keywords: Critical Error; Anticipate Response; Target Error; Anticipate Outcome; Opportuneness Function (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_2

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DOI: 10.1057/9780230277328_2

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