The theory of preferential choice and its utilization in managerial decision-making
J. Horn, T. Macak, A. Jindrovahttps://doi.org/10.17221/53/2011-AGRICECONCitation:Horn J., Macak T., Jindrova A. (2011): The theory of preferential choice and its utilization in managerial decision-making. Agric. Econ. – Czech, 57: 211-216.
At the theoretical level (respectively in the level of basic research), the aim of the submitted article is to form the theories of preferential choice in the area of higher utility vs. lower risk at interchangeable alternatives. Different or common features of utility vs. stochastic rating at agricultural subject are identified on the bases of this initial (axiomatically understood) theory. The consecutive (applicably usable) aim is then the commercialisation of the created theory of the preferential choice as a possible instrument which suits many times the controversial results and which brings the application of utilitarian and stochastic access to the decision at not only agricultural business subjects. The determination of the knowledge system for support of determination will be in that way the practical ascent for which the method of the manager decision making is for the certain situation (of information uncertainty) the most suitable (Laplace, Hurwitz, mini-Max).Keywords:
theory of preferential choice, managerial decisions, the certainty of information, subsidies in agriculture