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Content available remote Acceleration of Economic Growth by Technological Change and Knowledge Management
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2003
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tom Vol. 51, nr 3
323-333
EN
The paper deals with the methodology of knowledge management which is aimed at the acceleration of economic growth. The methodology is based on the subjective utility concept, introduced by Kulikowski [1998], which enables one to estimate the present value benefits resulting from the technological change and the cost of change. It enables also to derive, in an explicite form, the optimum strategies connected with alocation of a budget among the research institutes and research projects. The support of negotiations, connected with joint ventures, between the research institutes and business organizations, based on Nash principle and subjective utility, is also presented.
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Content available remote On General Theory of Risk Management and Decision Support Systems
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2003
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tom Vol. 51, nr 3
213-226
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.
4
Content available remote URS Methodology - A Tool for Stimulation of Economic Growth by Innovations
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tom Vol. 50, Nr 1
79--92
EN
The paper introduces a new methodology for evaluation of innovations. It is based on the notation of utility, depending on the capital rate of return and safety. Safety is definded as the notion complementary to the value at research risk (VaR). The value as safety (VaS) is and increasing function of reasearch and development period (T). The methodology enables one to derive the optimum utility maximizing T and a ranking of innovation projects. The stimulation of economic growth by innovation is also studied.
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Content available remote Value of Information for Portfolio Optimization
63%
EN
We consider the following problem: is there a rational or fair price for the reports made by analysts, experts, investor advisers concerning the rate of return (RR) of investments? We define the notion of the value of information included in the family of probability distributions of the RR. Next, we illustrate this notion for a linear-quadratic utility function.
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Content available remote Management of Intellectual Capital
63%
EN
Two different types of firm's activity are considered as portfolio selection problems. First activity is an ordinary one. The second is innovative and extra-ordinary. To be profitable it must have enough of an "intellectual capital" (IC). Optimization problems for the firm are solved and the notion of IC is defind. Two different methodologies are discussed.
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