MODIFICATIONS OF THE MAXIMIN JOY CRITERION FOR DECISION MAKING UNDER UNCERTAINTY
MODIFICATIONS OF THE MAXIMIN JOY CRITERION FOR DECISION MAKING UNDER UNCERTAINTY
Author(s): Helena Gaspars-WielochSubject(s): Economy, Business Economy / Management
Published by: Szkoła Główna Gospodarstwa Wiejskiego w Warszawie
Keywords: decision making under uncertainty; optimal pure strategy; maximin joy criterion; payoff matrix;
Summary/Abstract: Decision making under uncertainty (DMU) occurs when the decision maker (DM) has to choose an appropriate alternative on the basis of a set of decisions and a set of scenarios (with an unknown probability distribution). The author suggests two modifications of the maximin joy criterion (MJC) - one of the classical decision rules used in DMU by pessimists searching for an optimal pure strategy. The goal of the alterations for MJC is to accentuate more effectively the position of particular outcomes in comparison with other outcomes connected with a given scenario.
Journal: Metody Ilościowe w Badaniach Ekonomicznych
- Issue Year: XV/2014
- Issue No: 2
- Page Range: 84-93
- Page Count: 10
- Language: English
