Valuation is fuzzy : Integration qualitativer Risiken ins stochastische Bewertungsmodell mit Hilfe der Fuzzy-Set Theorie

Non-financial risk factors play a fundamental role in supporting the competitive position of companies in many of today's industries. Though, assessing these ambiguous factors in a valuation based on a Monte-Carlo simulation is particularly difficult. This paper presents how the fuzzy-set theory allows these factors to be assessed explicitly and how the resulting outcome can be linked with a stochastic model. -- Monte-Carlo Simulation ; fuzzy-set theory ; valuation ; fuzziness ; expert systems ; Balanced Scorecard ; non-financial risk factors ; due diligence ; risk analysis