The behavior of individuals in decision making under risk was
investigated using choice structures of greater complexity than the
types examined in previous studies. The experiment performed consisted
of two phases. In Phase I a basic utility function for money
was derived for each subject using lotteries with two equally...
An extensive literature survey investigated methods and approaches
for evaluating intangible economic factors at the strategic
and tactical levels of managerial decision making. These sources
provided: 1) the background for a theoretical decision making
algorithm developed for comparing alternative economic proposals
for effectiveness at the strategy levels, and 2) a...
Systems Tableau is suggested as a convenient tool for the
integration of the three phases of systems theory: the synthesis of
a model from the analysis of a system; the evaluation of the model;
and the decision-making process for the design and control of the
resulting system.
From a basic...
It is the hope and expectation of many specialists in the area of linear programming that a major improvement in solution techniques for handling large-scale models with thousands of constraints will be developed in the near future. Although the present state of the art for solving linear programs is still...
Facility location studies involve the selection of a preferred
course of action from an array of multiattributed alternatives. The
factors affecting this selection are defined in both quantifiable and
qualifiable terms. The former comprises primarily monetary or operational
data, and the latter consists of nonmonetary and environmental
parameters; where the...
A sinking fund payment must be made each year to
retire a bond issue. Instead of paying cash, the corporation
will typically surrender bonds that it has purchased
on the open market. The sinking fund problem is to
determine an optimal strategy in the form of a stopping
rule to...