A method for optimization of decisions under incomplete information and its application

A method for optimization of decisions under incomplete information and its application

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Article ID: iaor20023692
Country: China
Volume: 16
Issue: 3
Start Page Number: 228
End Page Number: 231
Publication Date: Jun 2001
Journal: Journal of Systems Engineering and Electronics
Authors:
Abstract:

This paper, by introducing a new concept, ‘expectation loss value domination’, presents a method for choosing the optimal decision from the given ones under incomplete information. The method can use the known partial probability information sufficiently, and is interactive, practical and easy to implement on a computer. Finally, a numerical example is given to show the reasonability and effectiveness of the method.

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