Authors: Peijun Guo
Addresses: Faculty of Business Administration, Yokohama National University, 79-4 Tokiwadai, Hodogaya-Ku, Yokohama 240-8501, Japan
Abstract: In this paper, one-shot decision framework is initially proposed. The procedure for one-shot decision involves two steps. The first step is to identify which state of nature should be taken into account for each alternative amongst all states of nature. The states of nature chosen are called focus points. The second step is to evaluate alternatives based on focus points. As an application a newly emerging duopoly market with a short life cycle is analysed. The analysis results show that the proposed decision models can explain the behaviour of firms in such a market well. Hence, the proposed decision framework may provide appropriate approaches for analysing one-shot decision problems, which are extensively encountered in business and economics.
Keywords: uncertainty; possibility theory; decision making; one-shot decisions; focus points; satisfaction function; duopoly markets; non-cooperative games; decision modelling.
International Journal of Information and Decision Sciences, 2010 Vol.2 No.3, pp.213 - 232
Published online: 02 Jun 2010 *Full-text access for editors Access for subscribers Purchase this article Comment on this article