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Decision-making in conditions of dilemma: risks and mixed information uncertainty

Author

Listed:
  • Sultan RAMAZANOV

    (Kyiv National Economic University named after Vadym Hetman, Kyiv, Ukraine)

  • Ludmila STEMPLEWSKA

    (Vistula University, Vistula Academy of Finance and Business in Warsaw, Warsaw, Poland)

Abstract

In modern conditions of crises and instability of the functioning and development of socio-economic systems, an important problem of providing management tools and making effective decisions is the development of models, methods and information technologies for optimization and decision-making in a situation of risk and in a mixed information environment. Moreover, the widespread introduction of optimization methods, decision making and optimal control was facilitated by the fact that applied optimization problems in most cases are reduced to standard problems solved, and the growth of the power of updated computer tools contributes to the expansion of the spheres of successful application of decision optimization methods in solving complex and diverse economic problems. The paper proposes models of risk functions related to the decision-making task for harmonizing and optimizing risks and security of a complex system in a mixed information environment, and also proposes a model of penalties for damage to ensure the safety of functioning of complex systems. The work is a continuation of some of the authors' research in the field of modeling, forecasting and managing complex socio-ecological and economic systems to ensure safe, sustainable, sustainable and harmonious development in the face of modern risks and crises.

Suggested Citation

  • Sultan RAMAZANOV & Ludmila STEMPLEWSKA, 2020. "Decision-making in conditions of dilemma: risks and mixed information uncertainty," Access Journal, Access Press Publishing House, vol. 1(2), pages 112-121, September.
  • Handle: RePEc:aip:access:v:1:y:2020:i:2:p:112-121
    DOI: 10.46656/access.2020.1.2(3)
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    References listed on IDEAS

    as
    1. Sultan RAMAZANOV & Mariana PETROVA, 2020. "Development, management and forecasting in a green innovative economy, based on the integral dynamics model in the conditions of "INDUSTRY - 4.0"," Access Journal, Access Press Publishing House, vol. 1(1), pages 9-30, May.
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    Cited by:

    1. Maxim KRASNYUK & Iryna HRASHCHENKO & Svitlana GONCHARENKO & Svitlana KRASNIUK & Yurii KULYNYCH, 2023. "Intelligent management of an innovative oil and gas producing company under conditions of the modern system crisis," Access Journal, Access Press Publishing House, vol. 4(3), pages 352-374, July.

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      More about this item

      Keywords

      risk; decision-making; decision risk; risk function; Bayesian solution; posteriori risk; guaranteed risk; information environment; decision rule; minimax decision; guaranteed decision; penalty model; dilemma;
      All these keywords.

      JEL classification:

      • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
      • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
      • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
      • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools

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