Choosing Among Known Alternatives

Pekka Korhonen and Jyrki Wallenius
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Jyrki Wallenius: Aalto University School of Business

Chapter Chapter 9 in Making Better Decisions, 2020, pp 75-89 from Springer

Abstract: Abstract We next discuss systematic approaches to solving so called multiple criteria evaluation problems. In this case, all decision alternatives are assumed to be known and available. Central to such approaches is the need to make tradeoffs. A classic example of a tradeoff is investing in stock market, where you must decide how much expected profits you desire and what risks you are willing to take. The higher risks you are willing to take, the higher is the potential payoff. However, we cannot achieve everything we desire, and we must make compromises.

Date: 2020
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DOI: 10.1007/978-3-030-49459-9_9

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