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Decision Maxims for Establishing the Overall Consequences of the Options

In: Successful Decision-Making

Author

Listed:
  • Rudolf Grünig

    (University of Fribourg)

  • Richard Kühn

Abstract

Chapter 9 introduces the decision maxims for establishing the overall consequences of the options. Following the explanation of what is understood by a decision maxim, an overview of the different maxims is given. Then the utility value maxim and the quasi-univalent decision maxim to overcome polyvalence are introduced. This is followed by the explanation of the expectation value maxim and utility expectation value maxim for overcoming risk. Five decision maxims for overcoming uncertainty are then introduced. Next the combination of the maxims in case of polyvalence and risk or of polyvalence and uncertainty is explained. Finally all the discussed decision maxims are evaluated.

Suggested Citation

  • Rudolf Grünig & Richard Kühn, 2013. "Decision Maxims for Establishing the Overall Consequences of the Options," Springer Books, in: Successful Decision-Making, edition 3, chapter 9, pages 97-117, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-32307-2_9
    DOI: 10.1007/978-3-642-32307-2_9
    as

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