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The effect of information in separable Bayesian semi-Markov control models and its application to investment planning |
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| Authors: | Rudi Zagst |
| Institution: | (1) Department of Economics, University of Ulm, Helmholtzstraße 18, 89069 Ulm, Germany |
| Abstract: | We consider a separable Bayesian semi-Markov control model to describe economic decisions under uncertainty. Our main interest is to examine the influence of the possibility of learning on the economic decisions and on the total expected return in a multi-period framework. We make use of the concept of Blackwell-sufficiency and apply the results to multi-period investment planing under uncertainty. |
| Keywords: | Bayesian semi-Markov control models Bounds Effects of information and learning effects Blackwell sufficiency Multi-period investment planning under uncertainty Bayesian information models |
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