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Chapter 12 explores the role of uncertainty in dynamic optimization. The game Monopoly is used to illustrate some basic concepts, include Markov processes and Markov chains. Several examples are provided to illustrate these concepts, including product marketing and valuing a sports team.

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A World of Uncertainty

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  • 发表日期：

    2025年

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  • Gerald Shively

摘要

Chapter 12 explores the role of uncertainty in dynamic optimization. The game Monopoly is used to illustrate some basic concepts, include Markov processes and Markov chains. Several examples are provided to illustrate these concepts, including product marketing and valuing a sports team.