Sensitivity analysis of a risk classification model for food price volatility. (2018)

• Record Type: Journal Article
• Authors: Laryea, Rueben; Carling, Kenneth; Cialani, Catia; Nyberg, Roger G.
• Is Part Of: International journal of risk assessment and management. Volume 21:Number 4(2018)
• Page Start: 374
• Page End: 382
• Publication Date: 2018
• Subjects: risk -- sensitivity analysis -- multiple criteria -- weights -- decision maker -- classification model -- imprecision -- uncertainty -- data -- price volatility; Risk assessment -- Periodicals; Risk management -- Periodicals; 361.1
• Languages: English
• ISSNs: 1466-8297

Abstract

A sensitivity analysis to vary the weights of an accurate predictive classification model to produce a mixed model for ranking countries on the risk of food price volatility is carried out in this paper. The classification model is a marginal utility function consisting of multiple criteria. The aim of the sensitivity analysis is to derive a mixed model to be used in ranking of country alternatives to aid in policy formulation. Since in real-life situations the data that goes into decision making could be subjected to possibilities of alterations over time, it is essential to aid decision makers to vary the weights of the criteria using both subjective and objective information to introduce imprecision and to generate relative values of the criteria with a scale to form a mixed model. The mixed model can be used to rank future relative alternative value data sets for policy formulation.