The theory of preferential choice and its utilization in managerial decision-making

Jan Hron, Tomas Macak and Andrea Jindrova
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Jan Hron: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic
Tomas Macak: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic
Andrea Jindrova: Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic

Agricultural Economics, 2011, vol. 57, issue 5, 211-216

Abstract: At the theoretical level (respectively in the level of basic research), the aim of the submitted article is to form the theories of preferential choice in the area of higher utility vs. lower risk at interchangeable alternatives. Different or common features of utility vs. stochastic rating at agricultural subject are identified on the bases of this initial (axiomatically understood) theory. The consecutive (applicably usable) aim is then the commercialisation of the created theory of the preferential choice as a possible instrument which suits many times the controversial results and which brings the application of utilitarian and stochastic access to the decision at not only agricultural business subjects. The determination of the knowledge system for support of determination will be in that way the practical ascent for which the method of the manager decision making is for the certain situation (of information uncertainty) the most suitable (Laplace, Hurwitz, mini-Max).

Keywords: theory of preferential choice; managerial decisions; the certainty of information; subsidies in agriculture (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnlage:v:57:y:2011:i:5:id:53-2011-agricecon

DOI: 10.17221/53/2011-AGRICECON

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