Optimum strategy in risky challenge model

• Autorzy: Kulikowski R.
• Języki publikacji: EN

Abstrakty

EN

The paper deals with the modeling of challenge systems which exist in education, science, sport, business, etc. The model employs two scenarios outcome: the success, followed by award and zero award failure with given probabilities. A utility function, which takes into account the risk and award has been introduced and the optimum utility maximizing strategy has been derived. An application, with numerical example, in choosing the optimum education is also included.

Słowa kluczowe

EN

challenge systems

• Wydawca: Oficyna Wydawnicza Politechniki Wrocławskiej
• Czasopismo: Systems Science
• Rocznik: 2001
• Tom: Vol. 27, nr 1
• Strony: 39--48
• Opis fizyczny: Bibliogr. 6 poz.

Twórcy

autor

Kulikowski R.

• WSISiZ, ul. Newelska 6, Warsaw, Poland

Bibliografia

• [1] DOWD K., Beyond value at risk. The new science of risk management, Wiley, Chichester 1998.
• [2] KULIKOWSKI R., Portfolio optimization: two factors-utility approach, Control and Cybernetics, No. 3, 1998.
• [3] KULIKOWSKI R., Portfolio optimization: two rules approach, Control and Cybernetics, No. 3, 1998.
• [4] KULIKOWSKI R., Optimum safety/return principle and applications, Bulletin of Polish Academy of Sciences, Ser. Technical Sciences, Vol. 48, No. 2, 2000.
• [5] KULIKOWSKI R., Optimization of survival strategy by safety dependent utility model, Control and Cybernetics, No. 1, 2000.
• [6] KULIKOWSKI R„ Managing of research risk - a new approach in R&D systems, [in:] Report on Management, Proc, of Conference, Warsaw 2000.