Articlegreen1972

An Appreciation of Decision Analysis in Management

7 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Multi-Criteria Decision Making Leadership, Behavior, and Decision-Making Studies

Abstract

Decision analysis, the practice of Bernoullian decision theory and Bayesian statistics, is reviewed in relation to its application in management. Aspects of the scaling of beliefs (probabilities) and preferences (utilities) are discussed, focussing on practical problems. It is concluded that the solution of these difficulties may best be sought through more widespread analysis of real-world decisions.

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References

1969The Efficiency Analysis of Choices Involving Risk 1968The Consensus of Subjective Probability Distributions 1972Utility Functions for Multiattributed Consequences 1970Another Type of Risk Aversion 1971An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?1972CHANCE AND CHOICE WEST OF THE DARLING

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2006Learning from the historical failure of farm management models to aid management practice. Part 2. Three systems approaches 2000Farm Management Economic Analysis: A Few Disciplines, a Few Perspectives, a Few Figurings, a Few Futures

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