By decisions under uncertainty one understands situations in the decision theory, in which the entrance cannot be forecast by future environmental conditions with security. That is, that the effects of the selection one of the alternatives the available admits not completely is.

Even if still no uniform linguistic usage developed, then one differentiates usually (Mueller, 1993), according to whether one probabilities of entrance for the environmental conditions knows, between:

Alternative one a_i

1. Decision under risk: The Entscheider are the probabilities of entrance dependent on its decision w_j the environmental conditions s_j objectively (e.g. with the Lotto) or subjectively (due to estimations or past values) well-known.
2. Decision under uncertainty: The Entscheider are only the possible environmental conditions dependent on its decision s_j well-known, it can however no statement about the probabilities meet, with which these environmental conditions will occur.

In the decision theory numerous procedures were developed, in order despite the uncertainty suitable decision rules to use to be able (min-max, max min, expectancy value,"…).

Literature

• W. Mueller: Risk and uncertainty, in: Waldemar Wittmann among other things (Hrsg.): Encyclopedia of the management economics, Schaffer Stuttgart 1993 (5. Aufl.), ISBN 3-7910-8033-4
• 1. - Hand dictionary of the marketing and management, (Teilbd. 3. Computer centre)

See also

Decision under security

Related links

• Modelling Society' s Capacity ton of Manage Extraordinary Events From the Swedish Morphological Society
• Strategic Decision support using Computerised Morphological analysis

Articles in category "Decision under uncertainty"

We found here 10 articles.

Related Websites

We found here 3 related websites.

• Decision and Reasoning under Uncertainty
  This area covers researches on reasoning and decision under uncertainty both on the methodological and on the applicative sides. ...


• Decision Making Under Uncertainty
  In decision-making under pure uncertainty, the decision-maker has no knowledge regarding any of the states of nature outcomes, and/or it is costly to obtain ...


• Decisions under Uncertainty - Cambridge University Press
  Decisions under Uncertainty. Probabilistic Analysis for Engineering Decisions. Ian Jordaan. Memorial University of Newfoundland ...