On General Theory of Risk Management and Decision Support Systems

• Autorzy: Kulikowski R.
• Języki publikacji: EN

Abstrakty

EN

The paper extends the risk management theory based on the two factors utility concept introduced by Kulikowski [5],[6]. The extension concerns, in particular, the rate of return for financial as well as the human capital. The simple success - failure model is used for construction of the utility function. The utility function depends on the subjective probability, which is an explicite function of the objective probability of success. It depends also on the fear of risk quelling parameter. Using that function one can show when the utility of an unfair economic gamble or lottery can be accepted or rejected. Such an approach enables one to take into account the behavioural aspects in the decision support problems.

Słowa kluczowe

EN

risk management; decision support; utility; subjective probability; allocation of capital; diversification; gambles; lotteries; bankruptcy

• Wydawca: Polska Akademia Nauk, Wydział IV Nauk Technicznych
• Czasopismo: Bulletin of the Polish Academy of Sciences. Technical Sciences
• Rocznik: 2003
• Tom: Vol. 51, nr 3
• Strony: 213--226
• Opis fizyczny: 2 rys., bibliogr. 13 poz.

Twórcy

autor

Kulikowski R.

• Systems Research Institute, Polish Academy of Sciences, Newelska 6, 01-447 Warsaw, Poland (Instytut Badań Systemowych PAN)

Bibliografia

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