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In real life, as well as in economic models, individuals often make decisions in an uncertain environment. In many cases, a problem which an optimizing agent faces can be formulated or reformulated as a problem of optimal timing of a certain irreversible or partially reversible action or optimal stopping problem. In this book, the authors present an alternative approach to optimal stopping problems. The basic ideas and techniques of the approach can be explained much simpler than the standard methods in the literature on optimal stopping problems. The monograph will teach the reader to apply the technique to many problems in economics and finance, including new ones. From the technical point of view, the method can be characterized as option pricing via the Wiener-Hopf factorization.

Economic schools --- financiën --- speltheorie --- economisch denken --- Operational research. Game theory --- Finance --- Decision making --- Optimal stopping (Mathematical statistics) --- Uncertainty --- Prise de décision --- Arrêt optimal (Statistique mathématique) --- Incertitude --- Mathematical models. --- Modèles mathématiques --- EPUB-LIV-FT SPRINGER-B LIVECONO LIVGESTI --- Economic theory. --- Finance. --- Mathematics. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Finance, general. --- Game Theory, Economics, Social and Behav. Sciences. --- Math --- Science --- Funding --- Funds --- Economics --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Game theory. --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematics