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Geological-mining projects are usually associated with relatively high risk and uncertainty in many aspects, including geological, mining, ecologic, economic, market, legal and social conditions. A mineral deposit is an underground natural resource and hence it is difficult to unequivocally predict the actual results of its discovery. Depending on the extent of the resource, the operation of the mine can extend to a few decades. It is necessary to conduct investment actions in successive stages and to evaluate the results of the work stage by stage. This reduces the investment risk and facilitates the decision-making process. In this paper, the use of a specific kind of game, the so-called "game against Nature," is suggested before a final decision on deposit development is made. This methodology was tested on the example of one of the zinc-lead ore deposits in the Silesia-Cracow region. Apart from supporting the decision-making process, this methodology offers the means to evaluate further research and costs which may be incurred for obtaining supplementary information related to the ore deposit parameters, specifically its reserves.

This paper examines the problem of selecting an alternative in situations in which there exists uncertainty in our knowledge of the state of the world. We show how the ordered weighted averaging aggregation operators provide a unifying approach to selecting alternatives under uncertainty. In particular, we see how these operators provide a type of probability associated with our degree of optimism. We also show how the Dempster-Shafer belief structure provides a general framework for representing the information a decision maker has regarding relevant events. We then propose a methodology for decision making under uncertainty, integrating the ordered weighted averaging aggregation operators and the Dempster-Shafer belief structure. The proposed methodology is applied to a real world case involving risk management at one of the nation’s largest banks.

As growing attention is paid to climate change adaptation as an actual policy issue, the significant meaning of climate variability in adaptation decisions is beginning to be recognized. By using a real option framework for adaptation in agricultural production, we shed light on how climate change and climate variability affect individuals' (farmers') investment decisions with regard to adaptation (switching from rainfed to irrigated farming). The option value delays adaptation easily for several decades with a realistic set of parameter levels, implying a critical role of risk sharing in promoting adaptation. When variability-influenced adaptation involves the use of an open-access resource (groundwater), uncoordinated farmers may adapt too early or too late depending on the level of their risk aversion. Private adaptation should be supported or discouraged accordingly if coordination is infeasible or farmers are not convinced about the possibilities of collective resource management in the long run.

The aim of this paper is to present integrated assets and liabilities portfolio selection and management technique, which combines multiple criteria such as portfolio efficiency possibilities, risk of feasible value, guarantee of each possibility and the utility of a subject to determine the asset and liability structure of a commercial bank. Keeping in mind the stochastical nature of the cash flow it becomes obvious how complicated integrated asset-liability management techniques are needed. The model structure is particularly well suited to solve the ALM decision problem in evolving economies where shareholder value maximization is often stated across a multiple goal hierarchy. The result of solving the ALM problems provided significant evidence that the method is viable for development sustainability quantitative description under uncertainty economics.