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One-shot decision approach and its application to duopoly market

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  • Peijun Guo

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.

Suggested Citation

  • Peijun Guo, 2010. "One-shot decision approach and its application to duopoly market," International Journal of Information and Decision Sciences, Inderscience Enterprises Ltd, vol. 2(3), pages 213-232.
    • Handle: RePEc:ids:ijidsc:v:2:y:2010:i:3:p:213-232
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    Citations

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    Cited by:

    1. Guo, Peijun, 2019. "Focus theory of choice and its application to resolving the St. Petersburg, Allais, and Ellsberg paradoxes and other anomalies," European Journal of Operational Research, Elsevier, vol. 276(3), pages 1034-1043.
    2. Xide Zhu & Peijun Guo, 2020. "Bilevel programming approaches to production planning for multiple products with short life cycles," 4OR, Springer, vol. 18(2), pages 151-175, June.
    3. Xiuyan Ma, 2019. "Pricing to the Scenario: Price-Setting Newsvendor Models for Innovative Products," Mathematics, MDPI, vol. 7(9), pages 1-15, September.
    4. Guo, Peijun & Ma, Xiuyan, 2014. "Newsvendor models for innovative products with one-shot decision theory," European Journal of Operational Research, Elsevier, vol. 239(2), pages 523-536.
    5. Xide Zhu & Kevin W. Li & Peijun Guo, 2023. "A bilevel optimization model for the newsvendor problem with the focus theory of choice," 4OR, Springer, vol. 21(3), pages 471-489, September.
    6. Guo, Peijun & Li, Yonggang, 2014. "Approaches to multistage one-shot decision making," European Journal of Operational Research, Elsevier, vol. 236(2), pages 612-623.

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