Decisional behaviour in risk contexts

Nela Popescu ()
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Nela Popescu: Academy of Economic Studies, Bucharest

The AMFITEATRU ECONOMIC journal, 2004, vol. 6, issue 16, 69-74

Abstract: Decision contexts, decision nature and characteristics that are to be made, the features of the decision maker, the quantity and the quality of the information available intended to support the decision making process are the major premises of the efficiency. In the world where the changes are prevalent features and within the most significant decisions have uncertain results, in my opinion there is no distinction between an efficient management and a good management of the risk. Differently, should we know exactly the consequences of our actions, a good management would be equivalent to a choice of the action with the best issues. Or in real economic life it is not the case. The important decisions are made within uncertain and complicated contexts, where the results are the consequences of multiple connections of different factors, frequently unknown as for instance: the decisions of the other economic entities, the executive power or the legislative body. Considering that risk attitude of the manager is a determinant of his behaviour, an important goal in management is to understand and predict market behaviour. This situation gives me the opportunity to present some variables which exercise an influence over the decision behaviour in risk contexts.

Keywords: Risk; risk attitude; preferences; aspirations; anticipations (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2004
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