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Offers a new generalization of utility theory, which has applications in decision analysis
The text is enhanced with end-of-chapter exercises and helpful graphics
Includes seven useful appendices and a glossary of symbols
This monograph presents a new generalization of utility theory called fuzzy rationality. It consists of a group of techniques that can be applied in different stages of decision analysis such as problem modeling, measuring preferences and uncertainty, and the analysis of risk attitude. A common feature of all these techniques is the ability to measure the actual opinion of the decision maker. At a later stage, the subjective information is analyzed in order to identify the best alternative according to the real, fuzzy rational decision maker. End-of-chapter exercises and helpful graphics enhance the text. Seven appendices and a glossary of symbols are also very helpful.
Researchers, practitioners and managers in business and finance will find this book useful. Advanced undergraduate and graduate students will also benefit.
List of abbreviations and notations.- Foreword.- Introduction.- Modelling decision problems.- Value functions under strict certainty.- Measuring uncertainty with probabilities.- Measuring preferences with utilities.- Balancing preferences and entirely measured uncertainty.- Balancing preferences and partially measured uncertainty.- Appendix 1: Binary relations.- Appendix 2: Finding the interval of the extremum at hill and valley preferences.- Appendix 3: Elements of probability theory.- Appendix 4: Constructing frequentist distributions and frequentist estimates of numerical characteristics.- Appendix 5: Constructing subjective distributions and assessment of numerical characteristics of continuous random variables.- Appendix 6: Constructing the distribution law of NPV of average annual heating costs using risk analysis.- Appendix 7: Algorithms and examples for elicitation of one-dimensional utility.- Appendix 8: Analytical approximation of one-dimensional utility at strictly decreasing preferences.- Appendix 9: Constructing multi-dimensional utility at mutual utility independence.- Appendix 10: Defining the uncertainty interval of scaling constants.- Appendix 11: Ranking alternatives under strict uncertainty.- Appendix 12: Approximation using the maximax criterion.- References.- Author index.- Example index.- Figure index.- Table index.- Algorithm index.- Task index.