scholarly journals Funkcja użyteczności — krytyka

Ekonomia ◽  
2021 ◽  
Vol 27 (1) ◽  
pp. 95-113
Author(s):  
Przemysław Rapka
Keyword(s):  
Mathematical Method ◽  
Decision Making ◽  
Economic Analysis ◽  
Utility Function ◽  
Main Tool ◽  
Theoretical Research ◽  
Mathematical Economics ◽  
The Real

The utility function has long been the main tool used by many economists due to the mathematization of economics. Some textbooks on mathematical economics state that the application of mathematics in economics imposes greater rigor, precision, and transparency of assumptions, not significantly different from the non-mathematical method. When analyzing utility function, it can be noticed that its application influences the economic analysis by imposing certain behaviors on people and giving them a mechanical character, primarily by introducing a constant relationship between the goods or goals considered by the person. For this reason, it is almost impossible to take into account the real uncertainty in theoretical research, which overly mechanizes the description of decision-making and economic processes.

Mathematical Economics by Kelvin Lancaster. Macmillan, New York, 1968.

1969 ◽  
Vol 9 (3) ◽  
pp. 343-346 ◽  
Author(s):  
Robert E. Kuenne
Keyword(s):  
New York ◽  
Economic Analysis ◽  
Mathematical Economics ◽  
Theorem Proof

The burgeoning of abstract economic analysis since about 1950 makes the need for well-conceived consolidations and codifications at the textbook level peculiarly important. The task is a challenging one, demanding the attainment of a compromise between the "mathematics for economists" catalogues of techniques and the highly specialized and formalized "theorem-proof" sequences of the high-theory journals. It requires that skilful blend of the rigorous and the heuristic, the multidimensional and the diagrammatic, the logical and the intuitive, found in the teacher-born. Lancaster has succeeded admirably in finding the optimal mixture.

scholarly journals The Importance of Implementing Cyber Physical Systems to Acquire Real-Time Data and Indicators

J ◽  
2021 ◽  
Vol 4 (2) ◽  
pp. 147-153
Author(s):  
Paula Morella ◽  
María Pilar Lambán ◽  
Jesús Antonio Royo ◽  
Juan Carlos Sánchez
Keyword(s):  
Decision Making ◽  
Data Acquisition ◽  
Real Time ◽  
Failure Detection ◽  
Cyber Physical Systems ◽  
Future Research ◽  
Time Data ◽  
Physical Systems ◽  
The Real ◽  
Real Time Data

Among the new trends in technology that have emerged through the Industry 4.0, Cyber Physical Systems (CPS) and Internet of Things (IoT) are crucial for the real-time data acquisition. This data acquisition, together with its transformation in valuable information, are indispensable for the development of real-time indicators. Moreover, real-time indicators provide companies with a competitive advantage over the competition since they enhance the calculus and speed up the decision-making and failure detection. Our research highlights the advantages of real-time data acquisition for supply chains, developing indicators that would be impossible to achieve with traditional systems, improving the accuracy of the existing ones and enhancing the real-time decision-making. Moreover, it brings out the importance of integrating technologies 4.0 in industry, in this case, CPS and IoT, and establishes the main points for a future research agenda of this topic.

scholarly journals Ranking Environmental Aspects of Sustainable Tourism: Case of Selected European Countries

2021 ◽  
Vol 13 (10) ◽  
pp. 5701
Author(s):  
Tihana Škrinjarić
Keyword(s):  
Decision Making ◽  
Sustainable Tourism ◽  
Multiple Criteria Decision Making ◽  
Main Tool ◽  
Tourism Industry ◽  
European Countries ◽  
Environmental Aspects ◽  
Grey Systems Theory ◽  
Insightful Analysis ◽  
Critical Overview

The tourism industry is one of the fastest-growing industries today, and it is important to obtain insights into its good and bad practices. This will provide policymakers with as much information as possible to tailor specific policies to facilitate tourism and economic growth. The main purpose of this paper is a critical overview of the related research on the topic of evaluating sustainable tourism in European countries and extensive empirical research on achieving sustainable tourism. This research includes Grey Systems Theory (GST) as the main tool in evaluating the efficiency of sustainable tourism. Robustness checking is done via the multiple criteria decision making (MCDM) approach. Although the literature on tourism efficiency is vast, there is a smaller amount of research related to the approach taken in this paper. Thus, a comprehensive and insightful analysis will be done so that relevant and timely information can be obtained for the future decision-making process. Furthermore, a dynamic analysis will be provided so that changes in time can be observed and a detailed analysis can be made.

scholarly journals Solvability of an infinite system of integral equations on the real half-axis

2020 ◽  
Vol 10 (1) ◽  
pp. 202-216
Author(s):  
Józef Banaś ◽  
Weronika Woś
Keyword(s):  
Integral Equations ◽  
Measure Of Noncompactness ◽  
Infinite System ◽  
Main Tool ◽  
Supremum Norm ◽  
Nonlinear Integral Equations ◽  
Measures Of Noncompactness ◽  
System Of Integral Equations ◽  
The Real ◽  
Half Axis

Abstract The aim of the paper is to investigate the solvability of an infinite system of nonlinear integral equations on the real half-axis. The considerations will be located in the space of function sequences which are bounded at every point of the half-axis. The main tool used in the investigations is the technique associated with measures of noncompactness in the space of functions defined, continuous and bounded on the real half-axis with values in the space l∞ consisting of real bounded sequences endowed with the standard supremum norm. The essential role in our considerations is played by the fact that we will use a measure of noncompactness constructed on the basis of a measure of noncompactness in the mentioned sequence space l∞. An example illustrating our result will be included.

scholarly journals Real-Time Measurement of Drilling Fluid Rheological Properties: A Review

Sensors ◽  
2021 ◽  
Vol 21 (11) ◽  
pp. 3592
Author(s):  
Naipeng Liu ◽  
Di Zhang ◽  
Hui Gao ◽  
Yule Hu ◽  
Longchen Duan
Keyword(s):  
Decision Making ◽  
Rheological Properties ◽  
Real Time ◽  
Drilling Fluid ◽  
Time Measurement ◽  
Decision Making Process ◽  
Rate Of Penetration ◽  
The Real ◽  
Real Time Measurement ◽  
Fluid Properties

The accurate and frequent measurement of the drilling fluid’s rheological properties is essential for proper hydraulic management. It is also important for intelligent drilling, providing drilling fluid data to establish the optimization model of the rate of penetration. Appropriate drilling fluid properties can improve drilling efficiency and prevent accidents. However, the drilling fluid properties are mainly measured in the laboratory. This hinders the real-time optimization of drilling fluid performance and the decision-making process. If the drilling fluid’s properties cannot be detected and the decision-making process does not respond in time, the rate of penetration will slow, potentially causing accidents and serious economic losses. Therefore, it is important to measure the drilling fluid’s properties for drilling engineering in real time. This paper summarizes the real-time measurement methods for rheological properties. The main methods include the following four types: an online rotational Couette viscometer, pipe viscometer, mathematical and physical model or artificial intelligence model based on a Marsh funnel, and acoustic technology. This paper elaborates on the principle, advantages, limitations, and usage of each method. It prospects the real-time measurement of drilling fluid rheological properties and promotes the development of the real-time measurement of drilling rheological properties.

The value of sociality

foresight ◽  
2014 ◽  
Vol 16 (4) ◽  
pp. 309-328 ◽  
Author(s):  
Evgeniya Lukinova ◽  
Mikhail Myagkov ◽  
Pavel Shishkin
Keyword(s):  
Decision Making ◽  
Utility Function ◽  
Social Relationship ◽  
Social Utility ◽  
Content Type ◽  
Individual Level ◽  
Know How ◽  
General Utility ◽  
The Social ◽  
Individual Decisions

Purpose – This paper aims to study the value of sociality. Recent experimental evidence has brought to light that the assumptions of the Prospect Theory by Kahneman and Tversky do not hold in the proposed substantive domain of “sociality”. In particular, the desire to be a part of the social environment, i.e. the environment where individuals make decisions among their peers, is not contingent on the framing. Evolutionary psychologists suggest that humans are “social animals” for adaptive reasons. However, entering a social relationship is inherently risky. Therefore, it is extremely important to know how much people value “sociality”, when the social outcomes are valued more than material outcomes and what kinds of adaptations people use. Design/methodology/approach – We develop a new theory and propose the general utility function that features “sociality” component. We test the theory in the laboratory experiments carried out in several countries. Findings – Our results suggest that when stakes are low the theory of “sociality” is successful in predicting individual decisions: on average, people do value “sociality” and it surpasses the monetary loss. Originality/value – The main contribution of this paper is the breakdown of the risk attitudes under low stakes and individual level of decision-making. Another advancement is the ability to formalize the social utility or the theory of “sociality” in an economic model; we use general utility function that we define both on the outcomes and on the process of the decision-making itself and test in laboratory studies.

SELECTING SUITABLE STUDENTS FOR JOB BASED ON THEIR CAPACITY

2021 ◽  
Vol 9 (4) ◽  
pp. 0-0
Keyword(s):  
Decision Making ◽  
Digital Transformation ◽  
Knowledge And Skills ◽  
The Real ◽  
Urgent Task ◽  
Crucial Problem ◽  
Insightful Analysis ◽  
Decision Making Model

Nowadays, digital transformation in education is an important and urgent task in most of universities. This process brings many benefits to both teacher and student, particularly job for a graduate. Consequently, how to help a last-year student has a suitable job becomes a crucial problem. To advise learner to select a suitable job, we need an insightful analysis of learner’s capacity. Thus, in this paper, we propose a method which uses student’s knowledge and skills data to choose the best suitable students for a job requirement. Firstly, learner’s capacity is evaluated by subject marks and activities in school, therefore, both subject and activity are described as the structure of obtainable skills and knowledge. Then, we also describe a job requirement as a set of skills and knowledge. In the next step, we calculate the real capacity of the student. Finally, we find students who have the real capacity meet the job requirement by applying decision making model.

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