A fuzzy model of managerial decision making incorporating risk and ambiguity aversion
In this paper we describe how some well-known deficiencies of managerial decision making models can be overcome by combining previous work of Zebda [Zebda 1984] and de Korvin [de Korvin et al. 1995] with Keynes's conventional coefficient c which has recently been revived by Brady [Brady 1994], Furthermore, in this paper we will show how the described approach can be applied to the standard problem of managerial decision making, especially when selecting the policy that promises the highest gain.
KeywordsFuzzy sets managerial decision making risk aversion decision theory attitude of decision makers
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