Home
Science
I.T.
Arts

DECISION-MAKING CRITERIA  


Abstract Category: Accounts and Economics
Course / Degree: Economic Studies
Institution / University: Academy of Economic Studies- Bucharest , Romania
Published in: 2010


Dissertation Abstract / Summary:

This article is related to the risks of uncertainty, and within it we examine the aspects of incorporating risk into decision making. To be more specific, we use the expected values and examine the potential impact of any available additional information regarding the decision under consideration. For a better understanding we will take in consideration an artificial scenario. This scenario consists in the possibility to obtain perfect information regarding the future outcome of an uncertain variable (e.g. the weather), based on which are calculated the potential values of such information. Subsequently, the analysis is re-performed and the more realistic case of imperfect information is assumed and afterward, the initial probabilities are adjusted using the Bayesian analysis. Some decision scenarios may involve two uncertain variables, each with their own associated probabilities. In such cases, it is helpful to use the data/ decision tables. Through them the joint probabilities are calculated involving possible combination of the two uncertain variables. These joint probabilities, along with the payoffs, can be used to answer pertinent questions like what would be the probability of a profit/(loss) occurring?


Dissertation Keywords/Search Tags:
Key words: risk, uncertainty, decision, associated probabilities, Bayesian analysis.

This Dissertation Abstract may be cited as follows:
Academy of Economic Studies- Bucharest , Pastorel Macoveiciuc, Macoveiciuc Pastorel, DECISION-MAKING CRITERIA


Submission Details: Dissertation Abstract submitted by Pastorel Macoveiciuc from Romania on 28-Jun-2010 00:55.
Abstract has been viewed 3555 times (since 7 Mar 2010).

Pastorel Macoveiciuc Contact Details: Email: mironovici_emilia@yahoo.com



Disclaimer
Great care has been taken to ensure that this information is correct, however ThesisAbstracts.com cannot accept responsibility for the contents of this Dissertation abstract titled "DECISION-MAKING CRITERIA". This abstract has been submitted by Pastorel Macoveiciuc on 28-Jun-2010 00:55. You may report a problem using the contact form.
© Copyright 2003 - 2024 of ThesisAbstracts.com and respective owners.


Copyright © Thesis Abstract | Dissertation Abstracts Thesis Library 2003-2024.
by scope.com.mt @ website design