Decision Processes by Using Bivariate Normal Quantile Pairs
This book discusses equi-quantile values and their use in generating decision alternatives under the twofold complexities of uncertainty and dependence, offering scope for surrogating between two alternative portfolios when they are correlated. The book b
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Decision Processes by Using Bivariate Normal Quantile Pairs
Decision Processes by Using Bivariate Normal Quantile Pairs
N.C. Das
Decision Processes by Using Bivariate Normal Quantile Pairs
123
N.C. Das Department of Statistics Birsa Agricultural University Ranchi, Jharkhand India
ISBN 978-81-322-2363-4 DOI 10.1007/978-81-322-2364-1
ISBN 978-81-322-2364-1
(eBook)
Library of Congress Control Number: 2015935207 Springer New Delhi Heidelberg New York Dordrecht London © Springer India 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer (India) Pvt. Ltd. is part of Springer Science+Business Media (www.springer.com)
In the memory of Dr. W.F. Sheppard (Pub.1939), whose Univariate Normal Probability Integral Table (UNPIT) and its quantiles have been in common use for uncertain decision-making scenarios for more than a century To Sanjeev who remains only in memory
Preface
The most important and inevitable aspect of human life is decision-making. As civilization advances, complexities also increase, and consequently, decision-making becomes increasingly difficult. Thus, one needs newer tools and methods for decision-making. This book provides the same. The primary aim of the book was to give to the reader, particularly the one who has to make decisions, some newly developed tools and techniques for decision-making. It will help him take his decisions at his chosen level of risk, the level that brings into play three kinds of complexities, namely uncertainty, dependence and dynamism. It is a truism to say that every person must make decisions, big or small, throughout his life. It has been assumed that for decision-makers, the risk level may vary from near-hundred to fifty-percent certainty. Decidedly, in its subtlety and power, the human mind is the most wonderful creation [Moses: 2005]. The mind must take a decision by exercising a choice or a preference and as a sequel to some action. Everyone has to act, and therefore, before acting, h
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