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Published in:
2019 | OriginalPaper | Chapter
3. Decision Making
Author : Yoram Krozer
Published in: Economics of Bioresources
Publisher: Springer International Publishing
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Abstract
Decision making in economics is sometimes presented as if a law of nature, but it is about morals. Morals differ across societies and in time. Hence, only a toolbox for decision making can be delivered with regard to various, even opposing arguments and interests. The toolbox refers to private and collective interests because they differ, are often antagonistic in practice, even if aligned in theory. Decision makers can deliberate and negotiate using various tools, but it remains uncertain whether their intentions can be realized. In the process of decision making, resources and values are introduced, followed by assessment methods in production and consumption, transactions between customers and suppliers, and the basics of investments and valuation of nature. All those and exemplary accounts are shown with regard to bioresources.