Decision making under uncertainty in viticulture: a case study of Port wine
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.
Volume (Year): 1 (2013)
Issue (Month): 2 (June)
|Contact details of provider:|| Postal: |
Web page: http://www.econ.hyperion.ro/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:hyp:journl:v:1:y:2013:i:2:p:3-12. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Iulian Panait)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.