| Article ID: | iaor19961758 |
| Country: | Germany |
| Volume: | 41 |
| Issue: | 3 |
| Start Page Number: | 277 |
| End Page Number: | 288 |
| Publication Date: | May 1995 |
| Journal: | Mathematical Methods of Operations Research (Heidelberg) |
| Authors: | Zagst R. |
| Keywords: | investment, control processes |
The paper considers a separable Bayesian semi-Markov control model to describe economic decisions under uncertainty. The present main interest is to examine the influence of the possibility of learning on the economic decisions and on the total expected return in a multi-period framework. The paper makes use of the concept of Blackwell-sufficiency and applies the results to multi-period investment planning under uncertainty.