In this paper we present a methodology within the multi-criteria paradigm to assist policy decision-making on water management for irrigation. In order to predict farmers’ response to policy changes a separate multi-attribute utility function for each homogeneous group, attained applying cluster analysis, is elicited. The results of several empirical applications of this methodology suggest an ...

Many questions in managerial decision making imply —if uncertainty is involved— stochastic optimization problems of the form V (S) = max x E {∫ ∞ 0 e−ρtf(S, x) dt } where the state transition dS = g(S, x) dt + σ(S) dz describes the underlying stochastic process S as an Itō process and dz is a Brownian motion. For very simple problems, results can be obtained analytically by solving the correspo...

Today supplier selection is a critical and demanding process for the industry, which provides the company with the accurate product/raw material and/or services at the right price at the right time and in the required quantities. Consequently, supplier selection become very important for maintaining planned association. The objective of this paper is to introduce a method of supplier selection ...