Agric. Econ. - Czech, 2011, 57(5):211-216 | DOI: 10.17221/53/2011-AGRICECON
The theory of preferential choice and its utilization in managerial decision-making
- Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic
At the theoretical level (respectively in the level of basic research), the aim of the submitted article is to form the theories of preferential choice in the area of higher utility vs. lower risk at interchangeable alternatives. Different or common features of utility vs. stochastic rating at agricultural subject are identified on the bases of this initial (axiomatically understood) theory. The consecutive (applicably usable) aim is then the commercialisation of the created theory of the preferential choice as a possible instrument which suits many times the controversial results and which brings the application of utilitarian and stochastic access to the decision at not only agricultural business subjects. The determination of the knowledge system for support of determination will be in that way the practical ascent for which the method of the manager decision making is for the certain situation (of information uncertainty) the most suitable (Laplace, Hurwitz, mini-Max).
Keywords: theory of preferential choice, managerial decisions, the certainty of information, subsidies in agriculture
Published: May 31, 2011 Show citation
References
- Anderson D.R., Sweeenez D.J. (1994): An Introduction to Management Science: Quantitative Approaches to Decision Making. West Publishing, Minneapolis.
- Baldwin T. (2003): Cambridge History of Philosophy 1870- 1945. Cambridge University Press, Cambridge.
Go to original source... - Bashiri M., Badri H.A. (2010): A group decision making procedure for fuzzy interactive linear assignment programming. Expert Systems with Applications, 38: 561-568. Go to original source...
- Chen T.Y., Wang H.P. (2010): A multi-criteria group decision-making approach based on interval-valued intuitionist fuzzy sets: A comparative perspective. Expert Systems with Applications, 38: 47-58. Go to original source...
- Cohen J., West S.G., Aiken L.S. (2003): Applied Multiple Regression/Correlation Analysis for the Behavior Science. Hillsdale, NJ, Lawrence Erlbaum Associates, New York.
- Dutta K., Vandermeer D. (2011): Cost-based decision-making middleware virtualization environments. European Journal of Operational Research, 210: 334-347. Go to original source...
- Fotr J., Dedina J. (2000): Managerial Decision Making. Ekoperss Publishing, Prague; ISBN 80-86119-20-3.
- Jenicek V., Krepl V. (2008): All-human social, humanitarian, cultural and security problems of the Word. Agricultural Economics - Czech, 54: 263-268. Go to original source...
- Kavan M. (2004): Creating a Sustainable Manufacturing Strategy. In: Proceedings of Workshop 2004. CTU, Prague, Vol. B: 1030-1031; ISBN 80-01-02945-X.
- Srnec K, Svobodova E. (2009): Microfinance in less developed countries: history, progress, present - charity or business? Agricultural Economics - Czech, 55: 467-474. Go to original source...
- Tomsik P., Svoboda E. (2010): Diagnostics and decisionmaking of the company management within the period of economic crisis and recession. Agricultural Economics - Czech, 56: 303-309. Go to original source...
- Vasconcelos A.F. (2009): Intuition, prayer, and managerial decision-making processes: a religion-based framework. Management Decision, 47: 930-949. Go to original source...
This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY NC 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.