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An Appreciation of Decision Analysis in Management

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  • Anderson, Jock R.
  • Hardaker, J. Brian

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.

Suggested Citation

  • Anderson, Jock R. & Hardaker, J. Brian, 1972. "An Appreciation of Decision Analysis in Management," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(04), pages 1-15, December.
  • Handle: RePEc:ags:remaae:9649
    DOI: 10.22004/ag.econ.9649
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    References listed on IDEAS

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    Cited by:

    1. Malcolm, Bill, 2000. "Farm Management Economic Analysis: A Few Disciplines, a Few Perspectives, a Few Figurings, a Few Futures," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 171920, Australian Agricultural and Resource Economics Society.
    2. McCown, R. L., 2002. "Changing systems for supporting farmers' decisions: problems, paradigms, and prospects," Agricultural Systems, Elsevier, vol. 74(1), pages 179-220, October.
    3. Petit, Michael, 1976. "The Role of Models in the Decision Process in Agriculture," 1976 Conference, July 26-August 4, 1976, Nairobi, Kenya 182282, International Association of Agricultural Economists.
    4. Throsby, C.D., 1973. "New Methodologies in Agricultural Production Economics: a Review," 1973 Conference, August 19-30, 1973, São Paulo, Brazil 181385, International Association of Agricultural Economists.

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