Since von Neuman and Morgenstern's (1944) contribution to game theory, the expected utility criterion has become the standard functional to evaluate risky prospects. Risky prospects are understood to be lotteries on a set of prizes. In which case a decision maker will receive a precise prize...

Since von Neuman and Morgenstern's (1944) contribution to game theory, the expected utility criterion has become the standard functional to evaluate risky prospects. Risky prospects are understood to be lotteries on a set of prizes. In which case a decision maker will receive a precise prize...

Since von Neuman and Morgenstern's (1944) contribution to game theory, a rational decision maker will rank risky prospects according to the celebrated Expected utility criterion. This method takes lotteries i.e. (simple) probability distributions to represent risky prospects. If the decision...

Purpose – The purpose of this paper is to derive an economic order quantity (EOQ) for an inventory control problem where the inventory carrying cost and the order cost are uncertain, represented by fuzzy numbers. The fuzzy numbers used herein are most general so far, represented by adaptive...

Our team of research “diagnosis of industrial processes” works on diagnosis in using classification method for data coming from industrial and medical sectors. The goal is to develop a decision-making system. We use the fuzzy pattern matching (FPM) as a method of classification and the...

For long time, the mainstream economics has been characterized, on the one hand, by a sequence of axio-matic systems of increasing precision and mathematical sophis-tication and, on the other hand, a persistent gap between economic reality and predicti-ons derived from these ever more...