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On general theory of risk management and decision support systems
Subtitle:Raport Badawczy = Research Report ; RB/6/2002
Creator: Publisher:Instytut Badań Systemowych. Polska Akademia Nauk ; Systems Research Institute. Polish Academy of Sciences
Place of publishing: Date issued/created: Description:12 stron ; 21 cm ; Bibliografia s. 11
Subject and Keywords:Decision support ; Alokacja kapitału ; Zarządzanie ryzykiem ; Wsparcie decyzyjne ; Risk management ; Utility ; Subjective probability ; Allocation of capital ; Diversification ; Gambles ; Bankruptcy ; Dywersyfikacja ; Bankructwo ; Prawdopodobieństwo subiektywne
Abstract:The paper extends the risk management theory based on the two factors utility concept introduced by recent papers. The extension concerns 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 behavioral aspects in the decision support problems.
Relation:Raport Badawczy = Research Report
Resource type: Detailed Resource Type: Source: Language: Language of abstract: Rights:Licencja Creative Commons Uznanie autorstwa 4.0
Terms of use:Zasób chroniony prawem autorskim. [CC BY 4.0 Międzynarodowe] Korzystanie dozwolone zgodnie z licencją Creative Commons Uznanie autorstwa 4.0, której pełne postanowienia dostępne są pod adresem: ; -
Digitizing institution:Instytut Badań Systemowych Polskiej Akademii Nauk
Original in:Biblioteka Instytutu Badań Systemowych PAN
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