Dynamic Economic Decision Making

2021 ◽  
pp. 57-92
Author(s):  
Elvira Silva ◽  
Spiro E. Stefanou ◽  
Alfons Oude Lansink
Keyword(s):  
Decision Making ◽  
Production Technology ◽  
Cost Minimization ◽  
Economic Value ◽  
Profit Maximization ◽  
Dynamic Decision Making ◽  
Economic Decision ◽  
Input And Output ◽  
Economic Decision Making ◽  
Dynamic Duality

This chapter presents dynamic optimization for economic decision making in the context of both dynamic cost minimization and dynamic profit maximization given different primal representations of the dynamic technology. The Bellman equation of dynamic programming serves as the analytical foundation for the duality between the production technology and the economic value function. The dynamic duality relationships in the form of intertemporal versions of Hotelling’s and Shephard’s lemmas are presented. The chapter concludes with the data envelopment perspective of the dynamic decision-making framework. Allowing the data to reveal the nature of the production technology, both the input and output quantities can be used to reveal the inner bound of the technology. Alternatively, the technological information can be recovered by exploiting the dynamic cost minimization behavior using input prices and input and output quantities, to reveal the outer bound of the input requirement set.

The politics of deferral: Denaturalizing the ‘economic value’ of children’s labor in India

2021 ◽  
pp. 001139212098586
Author(s):  
Sarada Balagopalan
Keyword(s):  
Decision Making ◽  
Child Labor ◽  
Economic Value ◽  
State Policies ◽  
Poor People ◽  
Demographic Research ◽  
Economic Decision ◽  
Value Of Children ◽  
Economic Decision Making ◽  
Development Policies

Do poor people love their children less? In the case of child laborers, this seemingly straightforward question has generated a range of complex responses. This includes research within the value of children (VOC) framework with its tendency to pathologize parents by framing discussions on children’s labor within household-based economic decision-making. In a stark departure from this framework, this article, focused on India, foregrounds the key role played by post-independence development policies in naturalizing child labor. It offers the ‘politics of deferral’ as an alternate analytic to draw attention to both the incremental as well as the exclusionary logics that underlie the Indian state’s efforts to eradicate child labor through schooling. To what extent does a country like India – where state policies have largely failed to substantively separate children from labor – compel us to realign the current depoliticized, ahistorical and binary (between the economic and the sentimental) framing of children’s value privileged within VOC demographic research?

Economic decision making under conditions of extreme time pressure and option overload: an eye-tracking study

2008 ◽  
Author(s):  
Elena Reutskaja ◽  
Johannes Pulst-Korenberg ◽  
Rosemarie Nagel ◽  
Colin F. Camerer ◽  
Antonio Rangel
Keyword(s):  
Decision Making ◽  
Eye Tracking ◽  
Time Pressure ◽  
Economic Decision ◽  
Economic Decision Making

The Effect of Suppressing Negative Emotion on Economic Decision-making

2013 ◽  
Vol 44 (5) ◽  
pp. 693-700
Author(s):  
Qin WANG ◽  
Xue-Jun BAI ◽  
Long-Jian GUO ◽  
De-Li SHEN
Keyword(s):  
Decision Making ◽  
Negative Emotion ◽  
Economic Decision ◽  
Economic Decision Making
Sign in / Sign up

Export Citation Format

Share Document