Decision making under uncertainty in viticulture: a case study of Port wine

Keywords: decision making under uncertainty , maximax , maximin , minimax and realism Criterion , Port Wine


  • Lopes Ana Paula, Affiliation: Institute of Accounting and Administration of Porto (ISCAP), S. Mamede de Infesta, Portugal;
Pages:  3 : 12

In decision making under uncertainty individual decision makers (winegrowers) must choose one of a set number of decision alternatives with ample 'Information about their outcomes but, most ofthe times, have not enough knowledge or data about the probabilities of the severa! States of nature. This paper focuses on the classical Maximax, Maximin, Minimax Regret and Realism criteriu. The dijferent approaches are analyzed and compared in a case study of Port wine production and selling. The computaţional involvedness and efficacy ofthe criterion are also presented. The paper fmishes with the results of all observed criteriu and alternatives in the circumstances of uncertainty.

JEL classification:  D81, D70, C44, M10