Info-Gap Economics: An Operational Introduction by Y. Ben-haim

Info-Gap Economics: An Operational Introduction

byY. Ben-haim

Hardcover | April 9, 2010

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This book is a product of applying info-gap decision theory to policy formulation and evaluation in monetary economics and related domains. Info-gap theory has been applied to planning and decision problems in many areas, including engineering, biological conservation, project management, economics, medicine, homeland security, and more.

About The Author

YAKOV BEN-HAIM holds the Yitzhak Moda'i Chair in Technology and Economics at the Technion - Israel Institute of Technology. He initiated and developed info-gap decision theory for modelling and managing severe uncertainty. Info-gap theory is applied in engineering, biological conservation, economics, project management, homeland secur...
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Details & Specs

Title:Info-Gap Economics: An Operational IntroductionFormat:HardcoverDimensions:264 pages, 8.5 × 5.51 × 0.03 inPublished:April 9, 2010Publisher:Palgrave Macmillan UKLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230228046

ISBN - 13:9780230228047

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Extra Content

Table of Contents

Preface 
PART I: GETTING STARTED
Info-Gap Theory in Plain English
A First Look: Stylized Example
PART II: ECONOMIC DECISIONS
Monetary Policy
Financial Stability
Topics in Public Policy
Estimation and Forecasting
PART III: WRAPPING IT UP
The Art of Uncertainty Modelling
Positivism, F-twist, and Robust-Satisficing
References
Author Index
Subject Index

Editorial Reviews

"Ben-Haim's 'theories and presentation of how to calculate what one NEEDS to know are, or should be, MUST reading for any one seriously involved in any aspect of todays economic world, from the trader on a desk to a Central Bank head. It is much too easy, given the stresses of todays world, to skip past missing information so as to act quickly in the market, but that is exactly the path which leads to significant errors, as we have all unfortunately witnessed. A method of calculating the "info gap" is certainly vital in setting policy." -- Lew Weston, Retired Partner, Goldman, Sachs & Co"In an economic world where complexity defines the system and the underlying models are at best simplistic and incomplete, it is imperative that policy decisions be taken on the assumption of (disappointingly) incomplete knowledge. This is the time for info-gap and decisions under fundamental uncertainty." -- Dr. Maria Demertzis, Research Department, De Nederlandsche Bank"The work by Yakov Ben-Haim is always inspiring. It is impressive how many scientists already apply his theory. With his enthusiasm, Yakov has made uncertainty issues a topic in a variety of disciplines and thus promoted interdisciplinary work, which is most welcome. It is particularly important to consider uncertainty in economic decision-making, as the current financial crisis shows. For me, as a forest scientist and forest economist, uncertainty is a key-topic to be addressed by any sustainable management strategy for ecosystems. This book provides an excellent overview on opportunities for economic applications of the Information-Gap Theory. The manifold of practical examples makes it easy to understand and to follow, also for persons who are yet not so familiar with uncertainty issues." -- Thomas Knoke, Institute of Forest Management, Technical University of Munich, Germany "Info-gap theory offers a new foundation for economic analysis by providing a general, rigorous methodology for decision making under severe uncertainty.  This makes Info-Gap Economics an important book to read for researchers and policymakers alike. . .this is a fascinating book that will play a key role in the discussion on how to model economic decision-making in the face of uncertainty. . .especially in this time of major changes in the economic and financial shere, a book like Info-Gap Analysis provides a very important contribution to the research literature and policy debate." --