An extended maximin approach for decision analysis with uncontrollable factors
UNSPECIFIED (2000) An extended maximin approach for decision analysis with uncontrollable factors. JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY, 51 (6). pp. 720-728. ISSN 0160-5682Full text not available from this repository.
In this paper an extension to the maximin approach to decision analysis in the presence of uncontrollable factors is proposed. This extension is based on the assumption that probabilities of consequences are known. Using the language of stochastic dominance, one decision alternative is preferred to another if the cumulative distribution function of the first alternative dominates that of the second in some area of low value consequences. This approach is an extension of a standard lexicographic maximin procedure to a case in which decision alternatives are characterised by arbitrary, including continuous, sets of consequences. Applications of the suggested approach to an 'attack-defence' type game and to the problems of location of public facilities are discussed.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management|
|Journal or Publication Title:||JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY|
|Publisher:||NATURE PUBLISHING GROUP|
|Number of Pages:||9|
|Page Range:||pp. 720-728|
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