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UNCERTAINTY AND DISCRETE MAXIMIN
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The article consists of two parts. The first part is devoted to general questions that are related to uncertainty: causes and sources of uncertainties appearance, classification of uncertainties in economic systems and approach to their assessment. In the second part the concept of maximin, based on the principle of guaranteed result (Wald’s principle) is considered. In this case, maximin is interpreted from viewpoint of two-level hierarchical game. On the basis of the maximin concept, a guaranteed solution in outcomes for K-stage positional single-criterion linear quadratic problem under uncertainty is formalized. An explicit form of the guaranteed solution for this problem is found
RIOR Publishing Center
Title: UNCERTAINTY AND DISCRETE MAXIMIN
Description:
The article consists of two parts.
The first part is devoted to general questions that are related to uncertainty: causes and sources of uncertainties appearance, classification of uncertainties in economic systems and approach to their assessment.
In the second part the concept of maximin, based on the principle of guaranteed result (Wald’s principle) is considered.
In this case, maximin is interpreted from viewpoint of two-level hierarchical game.
On the basis of the maximin concept, a guaranteed solution in outcomes for K-stage positional single-criterion linear quadratic problem under uncertainty is formalized.
An explicit form of the guaranteed solution for this problem is found.
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