Special Issue "Decision-Making and Uncertainty in Management"

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: 30 June 2022.

Special Issue Editor

Dr. Paweł Ziemba
E-Mail Website
Guest Editor
Faculty of Economics, Finance and Management, University of Szczecin, Cukrowa 8, 71-004 Szczecin, Poland
Interests: multi-criteria decision analysis/making; MCDA methods; sustainable management; sustainability assessment; fuzzy sets
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

Many multicriteria decision problems related to economic, financial, and risk management are characterized by uncertainty and imprecision. This uncertainty may concern input data representing alternatives and weights of criteria or preferences of the decision-maker when comparing alternatives. Fuzzy, stochastic or outranking MCDM (Multiple Criteria Decision Making) methods are used to capture uncertainty.

The purpose of this Special Issue is to present applications of MCDM methods based on fuzzy set theory, stochastic analysis, and/or the outranking relation in decision problems, in which some features of the decision problem are uncertain. In the submitted works, it is important to characterize the decision problem related to management, as well as to present its solution using an MCDM method appropriate for the given problem. We invite researchers to submit papers and research addressing the issues presented. Survey and theoretical articles, as well as application papers, are welcome.

Dr. Paweł Ziemba
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1200 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Fuzzy decision problems
  • Fuzzy MCDM methods
  • Stochastic analysis
  • Stochastic MCDM methods
  • Robustness analysis
  • Fuzzy TOPSIS
  • Fuzzy PROMETHEE
  • Fuzzy AHP/ANP
  • Applications of fuzzy
  • MCDM methods

Published Papers (3 papers)

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Research

Article
An Innovative Job Evaluation Approach Using the VIKOR Algorithm
J. Risk Financial Manag. 2021, 14(6), 271; https://doi.org/10.3390/jrfm14060271 - 16 Jun 2021
Viewed by 711
Abstract
Fairness is a key issue that requires the attention of human resource management practitioners. Having a robust methodical procedure for identifying the value of job positions in an enterprise is essential. Consequently, there is a need for a job evaluation system that ensures [...] Read more.
Fairness is a key issue that requires the attention of human resource management practitioners. Having a robust methodical procedure for identifying the value of job positions in an enterprise is essential. Consequently, there is a need for a job evaluation system that ensures fair compensation for each position. A poorly defined job evaluation system creates the dilemma of mismatches between employees and their competencies for their responsibilities and, accordingly, their wages. This results in employee dissatisfaction, which ultimately exacerbates attrition, which is costly because of the loss of talented employees. This paper proposes a VIKOR algorithm as an innovative approach to job evaluations. Engineering-related positions in an international aviation company were analyzed to illustrate the appropriateness of the proposed approach for managing the job evaluation dilemma. The results indicate that 29 job grades would be appropriate for this firm. In addition, the proposed algorithm was found to be superior to other multiple-criteria decision-making techniques at managing the job evaluation dilemma. Full article
(This article belongs to the Special Issue Decision-Making and Uncertainty in Management)
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Article
STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty
J. Risk Financial Manag. 2021, 14(6), 232; https://doi.org/10.3390/jrfm14060232 - 21 May 2021
Viewed by 551
Abstract
This paper considers a financing problem for an innovative firm that is launching a web-based platform. The entrepreneur, on one hand, faces a large degree of demand uncertainty on his product and on the other hand has to deal with incentive problems of [...] Read more.
This paper considers a financing problem for an innovative firm that is launching a web-based platform. The entrepreneur, on one hand, faces a large degree of demand uncertainty on his product and on the other hand has to deal with incentive problems of professional blockchain participants who contribute to the development and sales of the product. We argue that hybrid tokens can be a better option for the firm compared to straight utility tokens or security tokens because they help the firm better deal with both the moral hazard problems (via profit sharing incentives) and demand uncertainty (they help the firm learn the market demand for the product). This finding is consistent with some recent evidence. The paper also generates new predictions regarding the effect of different variables on the choice of financing method that have not yet been tested. Full article
(This article belongs to the Special Issue Decision-Making and Uncertainty in Management)
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Article
The Standard Model of Rational Risky Decision-Making
J. Risk Financial Manag. 2021, 14(4), 158; https://doi.org/10.3390/jrfm14040158 - 02 Apr 2021
Viewed by 1408
Abstract
Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann–Morgenstern utility function, where concepts of function and random variable are employed in their pre-set-theoretic senses. Any von Neumann–Morgenstern [...] Read more.
Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann–Morgenstern utility function, where concepts of function and random variable are employed in their pre-set-theoretic senses. Any von Neumann–Morgenstern utility function thus derived is claimed to transform a non-degenerate random variable into its certainty equivalent. However, there can be no certainty equivalent for a non-degenerate random variable by the set-theoretic definition of a random variable, whilst the continuity axiom of EUT implies the existence of such a certainty equivalent. This paper also demonstrates that rational behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and justifying persistent external inconsistencies of EUT. A brief description of a new paradigm which can resolve the problems of the standard paradigm is presented. These include resolutions of such anomalies as instant endowment effect, asymmetric valuation of gains and losses, intransitivity of preferences, profit puzzle as well as the St. Petersburg paradox. Full article
(This article belongs to the Special Issue Decision-Making and Uncertainty in Management)
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