On Decision Making under Risk with Continuous States of Nature

Kód výsledku v 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>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

On Decision Making under Risk with Continuous States of Nature

Popis výsledku v původním jazyce

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

Název v anglickém jazyce

On Decision Making under Risk with Continuous States of Nature

Popis výsledku anglicky

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

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/GA402%2F09%2F0405" target="_blank" >GA402/09/0405: Rozvoj nestandardních optimalizačních metod a jejich aplikace v ekonomii a managementu</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2013

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

6

Strana od-do

594-599

Název nakladatele

Vysoká škola polytechnická Jihlava

Místo vydání

Jihlava

Místo konání akce

Jihlava

Datum konání akce

11. 9. 2013

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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