One-shot decision approach and its application to duopoly market

Peijun Guo

34 citations0/0 files storedInternational Journal of Information and Decision Sciences

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Decision-Making and Behavioral Economics Multi-Criteria Decision Making Capital Investment and Risk Analysis

Abstract

In this paper, one-shot decision framework is initially proposed. The procedure for one-shot decision involves two steps. The first step is to identify which state of nature should be taken into account for each alternative amongst all states of nature. The states of nature chosen are called focus points. The second step is to evaluate alternatives based on focus points. As an application a newly emerging duopoly market with a short life cycle is analysed. The analysis results show that the proposed decision models can explain the behaviour of firms in such a market well. Hence, the proposed decision framework may provide appropriate approaches for analysing one-shot decision problems, which are extensively encountered in business and economics.

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References

1978Measuring the efficiency of decision making units 2020A Course in Microeconomic Theory 2001Fuzzy DEA: a perceptual evaluation method 2006A possibilistic decision model for new product supply chain design 2003Two axiomatic approaches to decision making using possibility theory

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