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ISBN: 9780691114422 - Robustness
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Robustness

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Lars Peter Hansen, Thomas J. Sargent

ISBN: 9780691114422
Format: Hardback
Publisher:Princeton University Press


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The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. It assumes that you trust the model completely. But what should a decision maker do if the model cannot be trusted? This work answers this question.

 

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Lars Peter Hansen, Co-Winner of the 2013 Nobel Prize in Economics "The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities."--A. Swierniak, Zentralblatt MATH

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