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The theory of preferential choice and its utilization in managerial decision-making

Author

Listed:
  • Jan HRON

    (Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic)

  • Tomas MACAK

    (Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic)

  • Andrea JINDROVA

    (Department of Management, Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic)

Abstract

At the theoretical level (respectively in the level of basic research), the aim of the submitted article is to form the theories of preferential choice in the area of higher utility vs. lower risk at interchangeable alternatives. Different or common features of utility vs. stochastic rating at agricultural subject are identified on the bases of this initial (axiomatically understood) theory. The consecutive (applicably usable) aim is then the commercialisation of the created theory of the preferential choice as a possible instrument which suits many times the controversial results and which brings the application of utilitarian and stochastic access to the decision at not only agricultural business subjects. The determination of the knowledge system for support of determination will be in that way the practical ascent for which the method of the manager decision making is for the certain situation (of information uncertainty) the most suitable (Laplace, Hurwitz, mini-Max).

Suggested Citation

  • Jan HRON & Tomas MACAK & Andrea JINDROVA, 2011. "The theory of preferential choice and its utilization in managerial decision-making," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 57(5), pages 211-216.
  • Handle: RePEc:caa:jnlage:v:57:y:2011:i:5:id:53-2011-agricecon
    DOI: 10.17221/53/2011-AGRICECON
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    References listed on IDEAS

    as
    1. Pavel TOMŠÍK & Emil SVOBODA, 2010. "Diagnostics and decision-making of the company management within the period of economiccrisis and recession," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 56(7), pages 303-309.
    2. Dutta, Kaushik & VanderMeer, Debra, 2011. "Cost-based decision-making in middleware virtualization environments," European Journal of Operational Research, Elsevier, vol. 210(2), pages 344-357, April.
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    Citations

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    Cited by:

    1. Lina Novickyté, 2019. "Risk in agriculture: An overview of the theoretical insights and recent development trends during last decade - A review," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 65(9), pages 435-444.
    2. Martina KÖNIGOVÁ & Jan HRON, 2012. "Methodology for the identification of managerial competencies in knowledge-based organizations," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 58(8), pages 347-353.

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