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An extended maximin approach for decision analysis with uncontrollable factors

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  • V V Podinovski

    (University of Warwick)

Abstract

In this paper an extension to the maximin approach to decision analysis in the presence of uncontrollable factors is proposed. This extension is based on the assumption that probabilities of consequences are known. Using the language of stochastic dominance, one decision alternative is preferred to another if the cumulative distribution function of the first alternative dominates that of the second in some area of low value consequences. This approach is an extension of a standard lexicographic maximin procedure to a case in which decision alternatives are characterised by arbitrary, including continuous, sets of consequences. Applications of the suggested approach to an ‘attack–defence’ type game and to the problems of location of public facilities are discussed.

Suggested Citation

  • V V Podinovski, 2000. "An extended maximin approach for decision analysis with uncontrollable factors," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 51(6), pages 720-728, June.
    • Handle: RePEc:pal:jorsoc:v:51:y:2000:i:6:d:10.1057_palgrave.jors.2600957
    DOI: 10.1057/palgrave.jors.2600957
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