Dealing with Imprecision in Consumer Theory: A New Approach to Fuzzy Utility Theory

PurposeTo investigate the application of multi‐attribute utility theory (MAUT) to aid in the decision‐making process when performing benchmarking gap analysis.Design/methodology/approachMAUT is selected to identify the overall best‐in‐class (BIC) performer for performance metrics involving inventory record accuracy within a public sector warehouse. A traditional benchmarking analysis is conducted on 14 industry warehouse participants to determine industry best practices for the four critical warehouse metrics of picking and inventory accuracy, storage speed, and order cycle time. Inventory and picking tolerances are also investigated in the study. A gap analysis is performed on the critical metrics and the absolute BIC is used to measure performance gaps for each metric. The gap analysis results are then compared to the MAUT utility values, and a sensitivity analysis is performed to compare the two methods.FindingsThe results indicate that an approach based on MAUT is advantageous in its ability to consider all critical metrics in a benchmarking study. The MAUT approach allows the assignment of priorities and analyzes the subjectivity for these decisions, and provides a framework to identify one performer as best across all critical metrics.Research limitations/implicationsThis research study uses the additive utility theory (AUT) which is only one of multiple decision theory techniques.Practical implicationsA new approach to determine the best performer in a benchmarking study.Originality/valueTraditional benchmarking studies use gap analysis to identify a BIC performer over a single critical metric. This research integrates a mathematically driven decision analysis technique to determine the overall best performer over multiple critical metrics.

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Probability and Uncertainty in Economic Modeling

Voprosy Ekonomiki ◽

10.32609/0042-8736-2009-10-46-61 ◽

2009 ◽

pp. 46-61

Author(s):

I. Gilboa ◽

W. A. Postlewaite ◽

D. Schmeidler

Keyword(s):

Decision Making ◽

Probability Theory ◽

Expected Utility ◽

Subjective Probability ◽

Utility Theory ◽

Expected Utility Theory ◽

Economic Modeling ◽

New Approach ◽

Multiple Priors

The article considers the paradigm of subjective probability and expected utility theory with respect to their applications in the theory of decision-making. Advantages and shortcomings of Savage’s axiomatic in the subjective probability theory are analyzed, the models of beliefs formation are considered. The authors propose a new approach to the analysis of decision-making — a multiple priors model, where an agent attributes to each event not a single probability, but a range of probabilities.

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A New Approach to Consumer Theory

Lecture Notes in Economics and Mathematical Systems - Mathematical Models in Marketing ◽

10.1007/978-3-642-51565-1_34 ◽

1976 ◽

pp. 106-107 ◽

Cited By ~ 4

Author(s):

Kelvin J. Lancaster

Keyword(s):

Consumer Theory ◽

New Approach

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A new approach to the incorporation of attributes into consumer theory

Journal of Economic Theory ◽

10.1016/0022-0531(84)90076-0 ◽

1984 ◽

Vol 32 (1) ◽

pp. 93-110 ◽

Cited By ~ 3

Author(s):

B.Ross Barmish

Keyword(s):

Consumer Theory ◽

New Approach

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The O–C diagrams of minor planets − a new approach to modelling the rotation

International Astronomical Union Colloquium ◽

10.1017/s0252921100031407 ◽

1999 ◽

Vol 173 ◽

pp. 185-188

Author(s):

Gy. Szabó ◽

K. Sárneczky ◽

L.L. Kiss

Keyword(s):

Error Analysis ◽

Time Dependence ◽

Theoretical Work ◽

Minor Planet ◽

Minor Planets ◽

New Approach ◽

Preliminary Results ◽

Ccd Observations

AbstractA widely used tool in studying quasi-monoperiodic processes is the O–C diagram. This paper deals with the application of this diagram in minor planet studies. The main difference between our approach and the classical O–C diagram is that we transform the epoch (=time) dependence into the geocentric longitude domain. We outline a rotation modelling using this modified O–C and illustrate the abilities with detailed error analysis. The primary assumption, that the monotonity and the shape of this diagram is (almost) independent of the geometry of the asteroids is discussed and tested. The monotonity enables an unambiguous distinction between the prograde and retrograde rotation, thus the four-fold (or in some cases the two-fold) ambiguities can be avoided. This turned out to be the main advantage of the O–C examination. As an extension to the theoretical work, we present some preliminary results on 1727 Mette based on new CCD observations.

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A New Approach to the Demonstration of Oxidase-Localization Using Tannic Acid Or Catechin

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100073933 ◽

1973 ◽

Vol 31 ◽

pp. 698-699

Author(s):

V. Mizuhira ◽

Y. Futaesaku

Keyword(s):

Cross Section ◽

Tannic Acid ◽

Elastic Fiber ◽

The Other ◽

New Approach ◽

Tissue Block ◽

Active Reaction ◽

The Cross

Previously we reported that tannic acid is a very effective fixative for proteins including polypeptides. Especially, in the cross section of microtubules, thirteen submits in A-tubule and eleven in B-tubule could be observed very clearly. An elastic fiber could be demonstrated very clearly, as an electron opaque, homogeneous fiber. However, tannic acid did not penetrate into the deep portion of the tissue-block. So we tried Catechin. This shows almost the same chemical natures as that of proteins, as tannic acid. Moreover, we thought that catechin should have two active-reaction sites, one is phenol,and the other is catechole. Catechole site should react with osmium, to make Os- black. Phenol-site should react with peroxidase existing perhydroxide.

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Processing Immunoperoxidase Labeled Cell Monolayers and Cryostat Sesctions For Electron Microscopy

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100120266 ◽

1985 ◽

Vol 43 ◽

pp. 714-715

Author(s):

K. Chien ◽

R. Van de Velde ◽

I.P. Shintaku ◽

A.F. Sassoon

Keyword(s):

Cell Monolayer ◽

Cell Types ◽

Surface Antigens ◽

Immunoperoxidase Method ◽

Reaction Step ◽

Hot Plate ◽

Air Drying ◽

New Approach ◽

Cell Monolayers ◽

Glass Slides

Immunoelectron microscopy of neoplastic lymphoma cells is valuable for precise localization of surface antigens and identification of cell types. We have developed a new approach in which the immunohistochemical staining can be evaluated prior to embedding for EM and desired area subsequently selected for ultrathin sectioning.A freshly prepared lymphoma cell suspension is spun onto polylysine hydrobromide- coated glass slides by cytocentrifugation and immediately fixed without air drying in polylysine paraformaldehyde (PLP) fixative. After rinsing in PBS, slides are stained by a 3-step immunoperoxidase method. Cell monolayer is then fixed in buffered 3% glutaraldehyde prior to DAB reaction. After the DAB reaction step, wet monolayers can be examined under LM for presence of brown reaction product and selected monolayers then processed by routine methods for EM and embedded with the Chien Re-embedding Mold. After the polymerization, the epoxy blocks are easily separated from the glass slides by heatingon a 100°C hot plate for 20 seconds.

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