Decision Making Under Risk: A Comparison of Bayesian and Fuzzy Set Methods

James J. Buckley

Risk Analysis, 1983, vol. 3, issue 3, 157-168

Abstract: A classical decision problem is considered where a decision maker is to choose one of a number of actions each offering different consequences. The outcome from a choice of action is uncertain because it depends on the existing state of Nature. Also, the outcome, once an action and state of Nature are specified, may be a vector or a random vector. The decision maker employs both Bayesian methods and fuzzy set techniques to handle the uncertainties. The decision maker is also allowed to use multiple, possibly conflicting, goals in order to determine his best strategy. The Bayesian method produces a set of undominated strategies to choose from, whereas the fuzzy set technique usually produces a unique optimal strategy.

Date: 1983
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1539-6924.1983.tb00117.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:3:y:1983:i:3:p:157-168

Access Statistics for this article

More articles in Risk Analysis from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().