A Fuzzy Model of Managerial Decision Making Incorporating Risk and Ambiguity Aversion

In this paper we describe how some well-known deficiencies of managerial decision making models can be overcome by combining previous work of Zebda [Zebda 1984] and de Korvin [de Korvin et al. 1995] with Keynes's conventional coefficient c which has recently been revived by Brady [Brady 1994], Furthermore, in this paper we will show how the described approach can be applied to the standard problem of managerial decision making, especially when selecting the policy that promises the highest gain.