外生状态的信息与经典的柔性选择

Exogenous states information and classical flexible choices

将经典柔性决策模型中决策者的柔性选择与观察到的外生状态(信息)之间的比较静态关系进行了统一的考察,并且将相应的结果应用于实物期权投资模型和动态规划模型.这一比较静态关系表明,在一定的技术假定下,决策者利益函数的上模性(决策选择与外生状态之间的互补特性)对应于二者之间的同向变化,而决策者利益函数的子模性(决策选择与外生状态之间的替代特性)对应于二者之间的反向变化.这一结果统一了文献中存在的关于决策选择与观察到的外生状态之间的比较静态关系的具体结果,从而扩展了这些结果.

This paper investigates the comparative statics of decision makers＇ flexible choices derived according to classical models of flexible decision-making with respect to observed exogenous states （or information） and applies this statics to real-option model and dynamic programming. The results show that under some technical assumptions, the supermodularity of a decision maker＇ s benefit function （which exhibits the complementarity feature between the levels of flexibility of optimal choices and the ranking of information in observed exogenous states） implies that the higher the observed exogenous state is ranked, the more flexible the alternative that the decision maker chooses, and that the submodularity of a benefit function （which exhibits the property of sub- stitution between the levels of flexibility of optimal enous states ） implies a negative link. This paper exist in the literature and then extends them. choices and the ranking of the information in observed exog- compiles related comparative-statics results which separately exist in the literature and then extends them.