Info-Gap Economics An Operational Introduction [Hardcover]

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.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 UP The Art of Uncertainty Modelling Positivism, F-twist, and Robust-Satisficing References Author Index Subject Index

'Reading Info-Gap Economics was no less than inspiring, and taught me a great deal about modelling uncertainty. The advantages of the economical Info-gap models lie in their ability to maximize the immunity of model-based economic decisions to adverse uncertainty. The models are intuitive, start from the available knowledge and make few (if any) assumptions about true uncertainty, which may be difficult or even impossible to predict... I would strongly recommend Info-Gap Economics to ecological economists in need of some inspiration for modelling uncertainty, but particularly to decision makers dealing with decisions that have long-term consequences.' - Prof. Thomas Knoke, Institute of Forest Management, Technical University of Munich, Germany. Ecological Economics, 2010, Volume 70, Issue 3, pp.567-568.

'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 today's 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 melc�