IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i3p1396-d489249.html
   My bibliography  Save this article

Decision-Making Rules and the Influence of Memory Data

Author

Listed:
  • Vaclav Beran

    (Department of Economics, Faculty of Economics, University of South Bohemia in Ceske Budejovice, Studentska 13, 370 05 Ceske Budejovice, Czech Republic)

  • Marek Teichmann

    (Department of Urban Engineering, Faculty of Civil Engineering, VSB—Technical University of Ostrava, Ludvika Podeste 1875/17, 708 00 Ostrava-Poruba, Czech Republic)

  • Frantisek Kuda

    (Department of Urban Engineering, Faculty of Civil Engineering, VSB—Technical University of Ostrava, Ludvika Podeste 1875/17, 708 00 Ostrava-Poruba, Czech Republic)

Abstract

The problems that decision-makers face can escalate under imbalances, turbulent development, risks, uncertainties, disasters, and other influences. The development of processes in technical and economic structures is generally considered complex and chaotic, and it usually expands into innumerable dynamic influences. The paper focuses on the evaluation of the decision criteria choice structure, such as the factual cause of the consequences (e.g., future threats, opportunities, chances, occasion). It offers a graphical vision of the future forecast. It draws attention to prevention and prophylaxis versus criterion-generated time–space (TS). The paper deals with the question: Is it possible to choose and recommend the right time and place of process activities? The paper formulates a positive answer and illustrates a range of consequences. Developed activities (investment, production, etc.) take place in a defined TS; over time, they create new time-series states and expand the space by defining processes as a time series of activities. In a broader context, the article deals with the issue of the lifecycle of decision rules (dynamic proposal of opportunities) as the first step of decision making, i.e., the decision about the existence of opportunity. On the one hand, it respects static applications based on equilibrium states, while on the other hand, it draws attention to the need for a dynamic view of turbulent, dynamic, chaotic, and nonlinear phenomena.

Suggested Citation

  • Vaclav Beran & Marek Teichmann & Frantisek Kuda, 2021. "Decision-Making Rules and the Influence of Memory Data," Sustainability, MDPI, vol. 13(3), pages 1-18, January.
  • Handle: RePEc:gam:jsusta:v:13:y:2021:i:3:p:1396-:d:489249
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/3/1396/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2071-1050/13/3/1396/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Vaclav Beran & Marek Teichmann & Frantisek Kuda & Renata Zdarilova, 2020. "Dynamics of Regional Development in Regional and Municipal Economy," Sustainability, MDPI, vol. 12(21), pages 1-18, November.
    2. Madsen, Jakob B., 2010. "The anatomy of growth in the OECD since 1870," Journal of Monetary Economics, Elsevier, vol. 57(6), pages 753-767, September.
    3. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    4. Michael Batty, 2008. "Fifty Years of Urban Modeling: Macro-Statics to Micro-Dynamics," Springer Books, in: Sergio Albeverio & Denise Andrey & Paolo Giordano & Alberto Vancheri (ed.), The Dynamics of Complex Urban Systems, pages 1-20, Springer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Frantisek Kuda & Petr Dlask & Marek Teichmann & Vaclav Beran, 2022. "Time–Cost Schedules and Project–Threats Indication," Sustainability, MDPI, vol. 14(5), pages 1-16, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peretto, Pietro F. & Valente, Simone, 2011. "Resources, innovation and growth in the global economy," Journal of Monetary Economics, Elsevier, vol. 58(4), pages 387-399.
    2. Vitaly Pruzhansky, 2003. "Maximin Play in Two-Person Bimatrix Games," Tinbergen Institute Discussion Papers 03-101/1, Tinbergen Institute.
    3. Ehud Kalai & Eilon Solan, 2000. "Randomization and Simplification," Discussion Papers 1283, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    4. Sacha Bourgeois-Gironde, 2017. "How regret moves individual and collective choices towards rationality," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 11, pages 188-204, Edward Elgar Publishing.
    5. Lau, Sau-Him Paul, 2001. "Aggregate Pattern of Time-dependent Adjustment Rules, II: Strategic Complementarity and Endogenous Nonsynchronization," Journal of Economic Theory, Elsevier, vol. 98(2), pages 199-231, June.
    6. Jakob B. Madsen* & Md. Rabiul Islam, 2012. "The Anatomy of the Asian Take-off," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 4(2), pages 1-24, July.
    7. Koessler, Frederic & Laclau, Marie & Renault, Jérôme & Tomala, Tristan, 2022. "Long information design," Theoretical Economics, Econometric Society, vol. 17(2), May.
    8. Antonin Bergeaud & Gilbert Cette & Rémy Lecat, 2014. "Le produit intérieur brut par habitant sur longue période en France et dans les pays avancés : le rôle de la productivité et de l’emploi," Économie et Statistique, Programme National Persée, vol. 474(1), pages 5-34.
    9. Dirk Bergemann & Stephen Morris, 2019. "Information Design: A Unified Perspective," Journal of Economic Literature, American Economic Association, vol. 57(1), pages 44-95, March.
    10. Jorge M. Streb & Gustavo Torrens, 2011. "Meaningful talk," CEMA Working Papers: Serie Documentos de Trabajo. 443, Universidad del CEMA, revised May 2017.
    11. Gilboa Itzhak & Schmeidler David, 1994. "Infinite Histories and Steady Orbits in Repeated Games," Games and Economic Behavior, Elsevier, vol. 6(3), pages 370-399, May.
    12. Van Damme, Eric, 2002. "Strategic equilibrium," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 41, pages 1521-1596, Elsevier.
    13. Vida, Péter & Āzacis, Helmuts, 2013. "A detail-free mediator," Games and Economic Behavior, Elsevier, vol. 81(C), pages 101-115.
    14. Oriol Carbonell-Nicolau, 2021. "Equilibria in infinite games of incomplete information," International Journal of Game Theory, Springer;Game Theory Society, vol. 50(2), pages 311-360, June.
    15. Georges Daw, 2022. "Determinants of Wealth Disparities in the EU: A Multi-scale Development Accounting Investigation," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(2), pages 211-254, June.
    16. Konstantinos Georgalos & Indrajit Ray & Sonali SenGupta, 2020. "Nash versus coarse correlation," Experimental Economics, Springer;Economic Science Association, vol. 23(4), pages 1178-1204, December.
    17. Pietro F. Peretto & Simone Valente, 2010. "Resource Wealth, Innovation and Growth in the Global Economy," CER-ETH Economics working paper series 10/124, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    18. Antonio Cabrales & Michalis Drouvelis & Zeynep Gurguy & Indrajit Ray, 2017. "Transparency is Overrated: Communicating in a Coordination Game with Private Information," CESifo Working Paper Series 6781, CESifo.
    19. Zhigang Cao, 2011. "Remarks on Bargaining and Cooperation in Strategic Form Games," Discussion Paper Series dp565, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
    20. Chiara Scarampi & Richard Fairchild & Luca Fumarco & Alberto Palermo & Neal Hinvest, 2021. "Social Metacognition: A Correlational Device for Strategic Interactions," Working Papers 2111, Tulane University, Department of Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:3:p:1396-:d:489249. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.