RESULTS
For the case of uncertainty, decision theory offers basic two main approaches. The first approach is to
reduce the uncertainty case to the case of risk by using subjective probabilities, based on expert
assessments on analysis of previous decisions made in similar circumstances. The second approach
exploits criteria of choice developed in a broader context by game theory, as for the example (max-
min rule), when we choose the alternative where the worst possible consequence of the chosen
alternative is better than (or equal to) the best possible consequence of any other alternative. In the
paper the second approach was presented and applied. For the analysis Wald’s, Hurwicz’s, Maximax,
Savage’s and Laplace’s criteria are calculated and discussed in the sample of pumpkin oil production
and selling. Three production business alternatives with different production area of oil pumpkins (A1,
A2, A3) and three different market opportunities for pumpkin oil (S1, S2, S3) were calculated and
analysed (table 1).
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