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Decision making under uncertainty in viticulture: a case study of Port wine

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  • Ana Paula Lopes

    () (Institute of Accounting and Administration of Porto (ISCAP))

Abstract

In decision making under uncertainty individual decision makers (winegrowers) must choose one of a set number of decision alternatives with ample information about their outcomes but, most of the times, have not enough knowledge or data about the probabilities of the several states of nature. This paper focuses on the classical Maximax, Maximin, Minimax Regret and Realism criteria. The different approaches are analyzed and compared in a case study of Port wine production and selling. The computational involvedness and efficacy of the criterion are also presented. The paper finishes with the results of all observed criteria and alternatives in the circumstances of uncertainty.

Suggested Citation

  • Ana Paula Lopes, 2013. "Decision making under uncertainty in viticulture: a case study of Port wine," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 1(2), pages 3-12, June.
  • Handle: RePEc:hyp:journl:v:1:y:2013:i:2:p:3-12
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    More about this item

    Keywords

    decision making under uncertainty; maximax; maximin; minimax and realism Criterion; Port Wine;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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