Year: 2020
Type: article
Abstract: Purpose: The contribution briefly presents the essence and applications of the well-known classical decision rules designed for decision making under uncertainty with unknown probabilities and based on scenario planning.We concentrate on games against nature, pure strategy searching and one-criterion optimization.Design/methodology/approach: The main goal of this work is to analyse numerous case studies and formulate conclusions concerning the properties (in particular drawbacks and limitations) of the aforementioned strategic procedures.Findings: The paper focuses on the limited usefulness of classical decision rules in real economic decision problems.It is advised to apply them very carefully. Research limitations/implications:A similar analysis for mixed strategy searching and multicriteria optimization should be performed within a future research.Originality/value: The work offers numerous practical guidelines modifying existing procedures and allowing decision makers to obtain logic recommendations.
Author: Helena GASPARS-WIELOCH
Institution: Poznań University of Economics and Business
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W3109907388