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Time-Inconsistent Control Theory with Finance Applications (Springer Finance)

$154.60 USD ¥23,362
303081842X
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Time-Inconsistent Control Theory with Finance Applications (Springer Finance)
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主な素材:ポリエステル100%&コーラルフリース。
サイズ:7フィート×9フィート(210cm×270cm)(82インチ×106インチ)。
とても柔らかく快適: このモダンなエリアラグは通気性のあるポイントプラスチックで機械織られており、滑り止めの底でラグが滑り落ちるのを防ぎます。 超ソフトで快適で肌に優しいコーラルフリース 抜け毛が信じられないほどソフトな感触です。 安全を確保し、健康に良い。
お手入れ簡単で速乾: 強力な吸水力、お手入れ簡単、ほぼ毛抜けないラグ。お手入れ簡単、速乾性、非常に耐久性、ノンスリップ、洗濯機で洗えます。 ポータブルラグとして、外から簡単に汚れを振ることができます。また、低電力の手持ち掃除機で掃除機をかけてください。 洗濯機洗い方法: ラグを冷水で優しく {デリケート} 短サイクルで洗い、平らにして乾燥させてください。
多機能 & 使用機会: 100% 非毒性 & 低刺激性で健康に良い。現代的なエリアラグは、あなたの空間に完璧なモダンな雰囲気を加えます。 流行に左右されないデザインでどんな部屋でも目立ちます; 室内装飾、子供の遊び、女性のヨガやペットのカーペットに最適です。 長く愛されるはずです。
This book is devoted to problems of stochastic control and stopping that are time inconsistent in the sense that they do not admit a Bellman optimality principle. These problems are cast in a game-theoretic framework, with the focus on subgame-perfect Nash equilibrium strategies. The general theory is illustrated with a number of finance applications.In dynamic choice problems, time inconsistency is the rule rather than the exception. Indeed, as Robert H. Strotz pointed out in his seminal 1955 paper, relaxing the widely used ad hoc assumption of exponential discounting gives rise to time inconsistency. Other famous examples of time inconsistency include mean-variance portfolio choice and prospect theory in a dynamic context. For such models, the very concept of optimality becomes problematic, as the decision maker’s preferences change over time in a temporally inconsistent way. In this book, a time-inconsistent problem is viewed as a non-cooperative game between the agent’s currentand future selves, with the objective of finding intrapersonal equilibria in the game-theoretic sense. A range of finance applications are provided, including problems with non-exponential discounting, mean-variance objective, time-inconsistent linear quadratic regulator, probability distortion, and market equilibrium with time-inconsistent preferences.Time-Inconsistent Control Theory with Finance Applications offers the first comprehensive treatment of time-inconsistent control and stopping problems, in both continuous and discrete time, and in the context of finance applications. Intended for researchers and graduate students in the fields of finance and economics, it includes a review of the standard time-consistent results, bibliographical notes, as well as detailed examples showcasing time inconsistency problems. For the reader unacquainted with standard arbitrage theory, an appendix provides a toolbox of material needed for the book.