Modeling Model Uncertainty
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Author | : Donald W. Katzner |
Publisher | : University of Michigan Press |
Total Pages | : 502 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : 0472109383 |
Download Time, Ignorance, and Uncertainty in Economic Models Book in PDF, Epub and Kindle
Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Author | : Lars Peter Hansen |
Publisher | : World Scientific Publishing Company Incorporated |
Total Pages | : 454 |
Release | : 2014 |
Genre | : Business & Economics |
ISBN | : 9789814578110 |
Download Uncertainty Within Economic Models Book in PDF, Epub and Kindle
"Studying this work in real time taught me a lot, but seeing it laid out in conceptual, rather than chronological, order provides even clearer insights into the evolution of this provocative line of research. Hansen and Sargent are two of the best economists of our time, they are also among the most dedicated teachers in our profession. They have once again moved the research frontier, and with this book provide a roadmap for the rest of us to follow. This is a must-have for anyone interested in modeling uncertainty, ambiguity and robustness."Stanley E ZinWilliam R Berkley Professor of Economics and BusinessLeonard N Stern School of BusinessNew York UniversityWritten by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
Author | : Flavio Canavero |
Publisher | : Springer |
Total Pages | : 184 |
Release | : 2018-12-29 |
Genre | : Technology & Engineering |
ISBN | : 3030048705 |
Download Uncertainty Modeling for Engineering Applications Book in PDF, Epub and Kindle
This book provides an overview of state-of-the-art uncertainty quantification (UQ) methodologies and applications, and covers a wide range of current research, future challenges and applications in various domains, such as aerospace and mechanical applications, structure health and seismic hazard, electromagnetic energy (its impact on systems and humans) and global environmental state change. Written by leading international experts from different fields, the book demonstrates the unifying property of UQ theme that can be profitably adopted to solve problems of different domains. The collection in one place of different methodologies for different applications has the great value of stimulating the cross-fertilization and alleviate the language barrier among areas sharing a common background of mathematical modeling for problem solution. The book is designed for researchers, professionals and graduate students interested in quantitatively assessing the effects of uncertainties in their fields of application. The contents build upon the workshop “Uncertainty Modeling for Engineering Applications” (UMEMA 2017), held in Torino, Italy in November 2017.
Author | : Eduard Hofer |
Publisher | : Springer |
Total Pages | : 346 |
Release | : 2018-07-01 |
Genre | : Mathematics |
ISBN | : 9783319762968 |
Download The Uncertainty Analysis of Model Results Book in PDF, Epub and Kindle
This book is a practical guide to the uncertainty analysis of computer model applications. Used in many areas, such as engineering, ecology and economics, computer models are subject to various uncertainties at the level of model formulations, parameter values and input data. Naturally, it would be advantageous to know the combined effect of these uncertainties on the model results as well as whether the state of knowledge should be improved in order to reduce the uncertainty of the results most effectively. The book supports decision-makers, model developers and users in their argumentation for an uncertainty analysis and assists them in the interpretation of the analysis results.
Author | : H. T. Banks |
Publisher | : CRC Press |
Total Pages | : 403 |
Release | : 2014-04-01 |
Genre | : Mathematics |
ISBN | : 1482206439 |
Download Modeling and Inverse Problems in the Presence of Uncertainty Book in PDF, Epub and Kindle
Modeling and Inverse Problems in the Presence of Uncertainty collects recent research-including the authors' own substantial projects-on uncertainty propagation and quantification. It covers two sources of uncertainty: where uncertainty is present primarily due to measurement errors and where uncertainty is present due to the modeling formulation i
Author | : Moshe Dror |
Publisher | : Springer Science & Business Media |
Total Pages | : 810 |
Release | : 2002-01-31 |
Genre | : Business & Economics |
ISBN | : 9780792374633 |
Download Modeling Uncertainty Book in PDF, Epub and Kindle
Writing in honour of Sid Yakowitz, 50 internationally known scholars have collectively contributed 30 papers on modelling uncertainty to this volume. These include papers with a theoretical emphasis and others that focus on applications.
Author | : Alexei Onatski |
Publisher | : |
Total Pages | : 50 |
Release | : 2003 |
Genre | : Monetary policy |
ISBN | : |
Download Modeling Model Uncertainty Book in PDF, Epub and Kindle
Recently there has been a great deal of interest in studying monetary policy under model uncertainty. We point out that different assumptions about the uncertainty may result in drastically different robust' policy recommendations. Therefore, we develop new methods to analyze uncertainty about the parameters of a model, the lag specification, the serial correlation of shocks, and the effects of real time data in one coherent structure. We consider both parametric and nonparametric specifications of this structure and use them to estimate the uncertainty in a small model of the US economy. We then use our estimates to compute robust Bayesian and minimax monetary policy rules, which are designed to perform well in the face of uncertainty. Our results suggest that the aggressiveness recently found in robust policy rules is likely to be caused by overemphasizing uncertainty about economic dynamics at low frequencies
Author | : Jef Caers |
Publisher | : John Wiley & Sons |
Total Pages | : 294 |
Release | : 2011-05-25 |
Genre | : Science |
ISBN | : 1119998719 |
Download Modeling Uncertainty in the Earth Sciences Book in PDF, Epub and Kindle
Modeling Uncertainty in the Earth Sciences highlights the various issues, techniques and practical modeling tools available for modeling the uncertainty of complex Earth systems and the impact that it has on practical situations. The aim of the book is to provide an introductory overview which covers a broad range of tried-and-tested tools. Descriptions of concepts, philosophies, challenges, methodologies and workflows give the reader an understanding of the best way to make decisions under uncertainty for Earth Science problems. The book covers key issues such as: Spatial and time aspect; large complexity and dimensionality; computation power; costs of 'engineering' the Earth; uncertainty in the modeling and decision process. Focusing on reliable and practical methods this book provides an invaluable primer for the complex area of decision making with uncertainty in the Earth Sciences.
Author | : Lars Peter Hansen |
Publisher | : World Scientific |
Total Pages | : 483 |
Release | : 2014-09-09 |
Genre | : Business & Economics |
ISBN | : 9814578134 |
Download Uncertainty Within Economic Models Book in PDF, Epub and Kindle
Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
Author | : Asli Celikyilmaz |
Publisher | : Springer |
Total Pages | : 443 |
Release | : 2009-04-01 |
Genre | : Computers |
ISBN | : 3540899243 |
Download Modeling Uncertainty with Fuzzy Logic Book in PDF, Epub and Kindle
The world we live in is pervaded with uncertainty and imprecision. Is it likely to rain this afternoon? Should I take an umbrella with me? Will I be able to find parking near the campus? Should I go by bus? Such simple questions are a c- mon occurrence in our daily lives. Less simple examples: What is the probability that the price of oil will rise sharply in the near future? Should I buy Chevron stock? What are the chances that a bailout of GM, Ford and Chrysler will not s- ceed? What will be the consequences? Note that the examples in question involve both uncertainty and imprecision. In the real world, this is the norm rather than exception. There is a deep-seated tradition in science of employing probability theory, and only probability theory, to deal with uncertainty and imprecision. The mon- oly of probability theory came to an end when fuzzy logic made its debut. H- ever, this is by no means a widely accepted view. The belief persists, especially within the probability community, that probability theory is all that is needed to deal with uncertainty. To quote a prominent Bayesian, Professor Dennis Lindley, “The only satisfactory description of uncertainty is probability.