Facing an Uncertain Future.
STANFORD UNIV CA INST FOR MATHEMATICAL STUDIES IN THE SOCIAL SCIENCES
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Why not apply a similar analysis to time and uncertainty in the case of an organization as to households and uncertainty here Once one assumes Samuelsons weak axiom for uncertainty in the form 1.6, one has a considerable choice of assumptions about time to replace 1.5. One can assume the exact analogue, that each period is separable from societys point of view, or that the future from each period forward is, to take two simple possibilities, either of which yields 1.7-1.9 with h now standing for time. Unhappily, time and uncertainty are not orthogonal in this pleasant manner. Instead, the world unfolds before us as a meander through time. Here I go to the other extreme and assume that the world unfolds itself in a predetermined manner. We do not know who will be elected President in November, but we do know that someone will be. This is the model I will explore.
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