Dynamic choice

Author(s):  
David M. Kreps

This chapter investigates the issue of dynamic choice. Many important choices made in economic contexts are made through time. The consumer takes some action today, knowing that subsequent choices will be required tomorrow and the day following and so on. And today's choice has impact on either how the consumer views later choices or what choices will later be available or both. This can be referred to as a situation of dynamic choice. The chapter discusses how economists model the process of dynamic choice. In microeconomics, the issue of dynamic choice is usually dealt with by reducing dynamic choice to the static choice of an optimal dynamic strategy which is then carried out. The chapter examines this standard approach before considering a pair of alternatives.

2018 ◽  
Vol 373 (1755) ◽  
pp. 20170344 ◽  
Author(s):  
Victor A. F. Lamme

Significant progress has been made in the study of consciousness. Promising theories have been developed and a wealth of experimental data has been generated, both guiding us towards a better understanding of this complex phenomenon. However, new challenges have surfaced. Is visual consciousness about the seeing or the knowing that you see? Controversy about whether the conscious experience is better explained by theories that focus on phenomenal (P-consciousness) or cognitive aspects (A-consciousness) remains, and the debate seems to reach a stalemate. Can we ever resolve this? A further challenge is that many theories of consciousness seem to endorse high degrees of panpsychism—the notion that all beings or even lifeless objects have conscious experience. Should we accept this, or does it imply that these theories require further ingredients that would put a lower bound on beings or devices that have conscious experience? If so, what could these ‘missing ingredients’ be? These challenges are discussed, and potential solutions are offered. This article is part of the theme issue ‘Perceptual consciousness and cognitive access’.


2013 ◽  
Vol 295-298 ◽  
pp. 2338-2342
Author(s):  
Jian Wu Xiao ◽  
Hong Zhai

Considering the valuation of forest stands based on revenue from wood sales, concession policy (such as carbon subsidies) and associated costs, the paper focuses on the stochastic control model to study the forest asset dynamic management. The key contribution is to find the optimal dynamic strategy about harvesting quantity in the continual and multiple periods in conditions of stochastic commodity price and timber growth by using portfolio approach. Finally, an analytical optimal strategy is obtained to analyze the quantification relations through which some important conclusions about the optimal forest management can be drawn.


2013 ◽  
Vol 869-870 ◽  
pp. 1029-1033
Author(s):  
Jian Wu Xiao ◽  
Ming Jun Jiang ◽  
Hong Zhai

Applying the portfolio and stochastic control theory, the paper comparatively considers tow carbon subsidies schemes: Renting and Purchasing, and focuses on the rental scheme to present a stochastic control model and obtain an analytical optimal dynamic strategy about harvesting quantity in conditions of stochastic commodity price and timber growth. Through contrasts, the conclusion shows that government will pay less under the rental scheme than under the purchasing scheme for the same negative effect on harvesting quantity.


2017 ◽  
Vol 04 (02n03) ◽  
pp. 1750020 ◽  
Author(s):  
Brian Bulthuis ◽  
Julio Concha ◽  
Tim Leung ◽  
Brian Ward

We study the optimal execution of market and limit orders with permanent and temporary price impacts as well as uncertainty in the filling of limit orders. Our continuous-time model incorporates a trade speed limiter and a trade director to provide better control on the trading rates. We formulate a stochastic control problem to determine the optimal dynamic strategy for trade execution, with a quadratic terminal penalty to ensure complete liquidation. In addition, we identify conditions on the model parameters to ensure optimality of the controls and finiteness of the associated value functions. For comparison, we also solve the schedule-following optimal execution problem that penalizes deviations from an order schedule. Numerical results are provided to illustrate the optimal market and limit orders over time.


2021 ◽  
Author(s):  
◽  
L. M. Rosales Medina

The use of computational simulations using the finite element method is a useful tool to observe the effects that intraocular pressure causes on some structures of the eye. Both, the simulations that focus on analyzing the anterior and posterior poles provide data about changes that occur having certain pressure values. Even knowing that the main effects of primary angle glaucoma are palpable in the optic nerve, the usefulness of the results obtained from simulations that focus on studying the cornea or other structures is not ruled out, since these are structures affected since that is where it originates in a glaucoma disease beginning. This review article tries to cover some of the articles focused on computational simulations of the eye and its biomechanical changes due to glaucoma in recent years, as well as to review the considerations that were made in each one to arrive at their respective results.


KronoScope ◽  
2001 ◽  
Vol 1 (1) ◽  
pp. 29-61
Author(s):  
Anthony Aveni

AbstractWhat better way to understand ourselves than to compare our habits, our customs, our behavior with those of another? This is the goal of anthropology: to comprehend our own culture by reflecting it from the mirror of otherness. When most effective its results can be unsettling. Consider the possibility of discovering other ways of knowing that challenge our own - that can even cause us to doubt whether the knowledge we hold dear really constitutes the whole of the matter. When it comes to the study of time there are few cultures, past or present, worth reflecting upon that match the ancient Maya of Yucatan. They have been characterized in their classical (AD 200-900) heyday as a people preoccupied with time, obsessed by time; they were worshipers of time: "The great theme of Maya civilization is the passage of time . . ." (Thompson 1954, p. 13). "The central importance of the calendar . . . and the central importance of religion to everything else conspire to make the history of [their] calendar something of a key to the general cultural history of the region." (Edmonson 1988, p. 4). "Nothing in man's life would be set apart as being unrelated to the realm of the destinies of time" (Leon Portilla 1989, p. 222). The study of Maya time offers us the added bonus that since all pre-Columbian cultures were hermetically sealed by two oceans from outside influence prior to Hispanic contact, whatever we may glean concerning the perception of time from its artifacts offers us the unique opportunity to seek cultural universals and to address specifically whether diverse civilizations might develop similar practices and ideas in their encounters with the problem of time. This essay examines the connections between time and history,with special emphasis upon the unusual role played by the concept of number, in the ancient Maya world.The resources for such a study are many and varied. I begin with a discussion of the content of the monumental inscriptions.A major focus of Mayanists since great advances in decoding the Maya script were made in the 1970's, most texts are carved on impressive stone stelae erected about the Maya ruins, well remembered by visitors to Tikal, Copan and Calakmul. I then move on to the esoteric world of the sacred books.Though scarcely a handful of them remain, they hold the keys to the deepest understanding of what time meant to the elite daykeepers who devised them. Along the way we supplement our understanding of these texts by referring to colonial period documents and ethnological studies of contemporary cultures descended from the ancient Maya. Here we discover a remarkable continuity of culture, which greatly illuminates our understanding of the Maya past.


2007 ◽  
Vol 16 (06) ◽  
pp. 1681-1685 ◽  
Author(s):  
F. A. CHISHTIE ◽  
V. ELIAS ◽  
R. B. MANN ◽  
D. G. C. MCKEON ◽  
T. G. STEELE

Two approaches to renormalization-group improvement are examined: the substitution of the solutions of running couplings, masses and fields into perturbatively computed quantities is compared with the systematic sum of all the leading log (LL), next-to-leading log (NLL) etc. contributions to radiatively corrected processes, with n-loop expressions for the running quantities being responsible for summing Nn-1LL contributions. A detailed comparison of these procedures is made in the context of the effective potential V in the 4-dimensional O(4) massless λϕ4 model, showing the distinction between these procedures at two-loop order when considering the NLL contributions to the effective potential V.


Author(s):  
Rafaella Garcia Monticelli ◽  
Daniele Cristina Carletti Heis

Ao pensar nas dificuldades na linguagem oral e escrita de alunos com Síndrome de Down, se torna essencial à procura por novos meios didáticos a fim de potencializar sua aprendizagem. O uso da fotografia em ambiente escolar surge como um suporte didático para sensibilizar e construir conhecimentos, pois trabalha as linguagens não verbais e interpretações a partir de um conceito preestabelecido. A presente pesquisa pretende mostrar a relevância do uso da fotografia, como mediadora do processo de construção de conhecimentos em Artes em alunos com Síndrome de Down. Foi realizada uma revisão bibliográfica qualitativa, feita a partir de um levantamento literário de oito estudos relacionados com a temática em questão e analisados sob a prática pedagógica. Esses estudos apontam que a prática de ensinar e construir significados pode ser um caminho árido, no entanto poderá potencializar as habilidades inerentes a cada um utilizando os recursos oferecidos pela fotografia em sala de aula. Para o aluno com SD, a possibilidade de ver aquilo de forma real, como uma foto consegue captar, é mais uma maneira de tornar o conhecimento acessível e efetivo, pois há um maior aproveitamento na habilidade da memória visual, sendo imprescindível essa ferramenta para minimizar o déficit de aprendizagem. Sabendo que a prática pedagógica necessita ser transformada, é possível concluir que os recursos da fotografia podem contribuir para a mudança nos paradigmas educacionais, especialmente na abordagem da educação inclusiva.Abstract:To think in the oral and written language difficulty in Syndrome of Down students, becomes essential the search for new teachings resources to increase their learning. The photography use in school environments arises like a didactic support to sensitize and build knowledge, because works non-verbal languages and interpretations from a predetermined concept. This research aims to show the important photography use, like a mediator in the Art knowledge construction process in Syndrome of Down students. The methodology was qualitative bibliographic review made in eight literary studies related with the thematic and analyzed about the pedagogical practice. This study suggests that a pedagogical practice and construct meaning will be a hard way, however may increase cognitive skills each student using resources of photographic at classroom. For each Syndrome Down student, the ability to see how a picture is capable of playing is the way to make affordable and real knowledge. This didactic support is necessary to minimize the learning deficit. Knowing that pedagogical practice needs to be transformed is possible to conclude that the resources of photography can contribute for chance in the educations paradigms, especially for inclusive education.


1966 ◽  
Vol 24 ◽  
pp. 6-12
Author(s):  
C. Jaschek ◽  
M. Jaschek

Recently we have finished at La Plata a catalogue containing all spectral classifications made in the MK system (1), prior to 1963·0. The original idea was to give a definite spectral classification for each object, but it was soon found out that this is impossible, since there is a relatively large number of stars for which the classifications given by different observers disagree. Therefore it was decided to include all published classifications, even knowing that in a number of cases the several classifications listed were taken from a single source. Some objects have therefore a long list of references, not necessarily independent. Incidentally these references permit a quick search for additional data on the star such as colour, polarization, rotation or line profile data. The catalogue lists a total of about 550 references. Whenever possible we have also listed, for each paper, the type of spectrograph and the dispersion used for the classification work. It is intended to keep the files up to date, issuing, if necessary, a second edition of the catalogue.


1995 ◽  
Vol 8 (1) ◽  
pp. 39-46 ◽  
Author(s):  
Tudy Hodgman

The use of heparin has remained steady for the last 20 years. Significant advances have been made in the understanding of the pathogenesis of clotting disorders and their prevention. Despite these gains, our understanding of the most safe and effective approach to optimizing the dosing of heparin has lagged. With new insight into improvements in outcome related to rapid achievement of the therapeutic range, it has become apparent that the standard approach to heparin dosing is out of date. Individualized heparin dosing based on weight and computer-assisted dosing methods is superior for bringing patients into the desired therapeutic range more quickly, with less cost and better short- and long-term outcomes. Copyright © 1995 by W.B. Saunders Company


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