Various approaches have been introduced over the years to evaluate information in the expected utility framework. This paper analyzes the relationship between the degree of risk aversion and the selling price of information in a lottery setting with two actions. We show that the initial decision on the lottery as well as the attitude of the decision maker towards risk as a function of the initial wealth level are critical to characterizing this relationship. When the initial decision is to reject, a non-decreasingly risk averse decision maker asks for a higher selling price as he gets less risk averse. Conversely, when the initial decision is to accept, non-increasingly risk averse decision makers ask a higher selling price as they get more risk averse if information is collected on bounded lotteries. We also show that the assumption of the lower bound for lotteries can be relaxed for the quadratic utility family.
Global brown coal resources are estimated to be extracted at around 512 million Mg. They are found in over a dozen countries, including primarily: Australia, China, the Czech Republic, Greece, Germany, Poland, Russia, the United States and Turkey. More than 80% of total brown coal production in the EU takes place in: Germany, Poland, Greece and the Czech Republic. This means that the majority of production still uses conventional fuels, including both hard coal and brown coal. Given the current energy needs in the context of brown coal reserves depletion and the impacts of the current climate and energy policies of the EU, it is very important that all new investments in mining and energy complexes based on brown coal resources must be prepared carefully to ensure high production efficiency and minimize negative environmental impacts. This article attempts to solve a problem involving the choice of the location of the opening cut to expose brown coal deposits. Due to the stratified nature of brown coal deposits and the associated open-cast mining technology used in a continuous mining system with bucket wheel excavators, belt conveyor systems and spreaders, the location of the opening cut is not completely random and the number of potential solutions is finite. The multifaceted technical, organizational, economic, social and environmental problems require a holistic approach to this research problem. Such an approach should take the different, often opposing, perspectives of the many stakeholders into account. These issues can be solved using mathematical tools designed for multiple-criteria decision support. With the proposed method, a ranking of alternatives can be created, depending on the predefined location of the opening cut.
Crane selection is an important issue in assembly works planning. Tower and telescopic, stationary and mobile cranes used in construction have essentially different properties. Assembly planning begins in analyzing the possibilities of assembly with a given crane. This is called technical aspect of crane selection. Cranes that meet the technical criteria are then analyzed in terms of other criteria related to the effectiveness of their use on the construction site. The article presents the assessment of the selection criteria and the method of crane selection itself. Surveys conducted among construction managers and planners in Polish companies dealing with assembly works allowed to determine the significance of the selection criteria. For this purpose, an example using SAW (Simple Additive Weighting) and FSAW (Fuzzy Simple Additive Weighting) methods was presented. They also allowed to propose a technique for determining preferences in the use of selected construction cranes. The aim of the research was to increase the usability of computer applications supporting assembly planning by acquiring expert knowledge for the initial selection of organizational solutions.