On Decision Making under Risk with Continuous States of Nature
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F13%3A%230002180" target="_blank" >RIV/47813059:19520/13:#0002180 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
On Decision Making under Risk with Continuous States of Nature
Original language description
Many real-world decision making situations, especially in business, are associated with uncertainty regarding future state of the World. Traditionally, in such situation different (discrete or fuzzy) scenarios, future states of nature, are considered. This domain of decision making is denoted as decision making under risk. However, limitation to some set of discrete states of nature is somewhat unnatural as future reality might not choose one of considered states, but some other state or a state in between. The aim of this paper is to propose the more natural approach with continuum states of nature, where all possible future states expressed by their probability density function from some reasonable interval are taken into consideration. Alternativesare assigned an expected (mean) value, which enables finding the best alternative. This approach is illustrated by a numerical example where future states of nature are distinguished by different economic growth, and also it i s compared
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
<a href="/en/project/GA402%2F09%2F0405" target="_blank" >GA402/09/0405: Development of Non-standard Optimization Methods and their Applications in Economy and Management</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 31st International Conference Mathematical Methods in Economics 2013
ISBN
978-80-87035-76-4
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
594-599
Publisher name
Vysoká škola polytechnická Jihlava
Place of publication
Jihlava
Event location
Jihlava
Event date
Sep 11, 2013
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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