Entrepreneurship and Decision-Making in Latin America

The principal purpose of this paper is to analyze different methods for decision making, with a focus on entrepreneurship in Latin America. Decision-making methods may be informed by aggregation operators that are based on the use of probabilities, weighted averages (WAs) and generalized aggregation operators. The paper presents a new generalized probabilistic weighted averaging (GPWA) operator that unifies WAs and probability in the same formulation, considering the degree of importance of each concept used in the analysis. The fundamental advantage of this approach is that it includes a wide range of particular cases including the probabilistic weighted averaging (PWA) operator, the probabilistic weighted geometric averaging (PWGA) operator and the probabilistic weighted quadratic averaging (PWQA) operator. Quasi-arithmetic means are used to obtain the Quasi-PWA operator and to generalize the approach, which is then applied to a set of hypothetical entrepreneurial investment decisions in a politically unified Latin American region.