Decision theory - Wikipedia
Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
Now revised and updated, this introduction to decision theory is both accessible and comprehensive, covering topics including decision making under ignorance and risk, the foundations of utility theory, the debate over subjective and objective probability, Bayesianism, causal decision theory, game theory, and social choice theory.
Decision Theory - Stanford Encyclopedia of Philosophy
Dec 16, 2015 · Decision theory is concerned with the reasoning underlying an agent’s choices, whether this is a mundane choice between taking the bus or getting a taxi, or a more far-reaching choice about whether to pursue a demanding political career.
Steps in Decision Theory 1. List the possible alternatives (actions/decisions) 2. Identify the possible outcomes 3. List the payoff or profit or reward 4. Select one of the decision theory models 5. Apply the model and make your decision
Decision theory deals with methods for determining the optimal course of action when a number of alternatives are available and their consequences cannot be forecast with certainty.
Decision Theory: An Overview - SpringerLink
Jan 1, 2014 · Decision theory (see also Decision Theory: An Introduction) is the systematic study of goal-directed behavior under conditions when different courses of action (options) can be chosen. The focus in decision theory is usually on the outcome of decisions as judged by pre-determined criteria or, in other words, on means-ends rationality.
handbook is to supply a practical, one-stop reference that treats the theory, formulae, and applications that, together, make up the cornerstones of a particular topic in the field.
Decision Analysis is thus found today. The analysis varies with the nature of the decision problem, so that any classification base for decision problems provides us with a means to segr. gate the Decision Analysis literature. A necessary condition for the existence of a decision problem is the .
Decision Theory: An Introduction | SpringerLink
Jan 1, 2014 · Decision theory (see also Decision Theory: An Overview) is the theory of rational decision making. This is an interdisciplinary field to which philosophers, economists, psychologists, computer scientists and statisticians contribute their expertise.
Decision Theory and Decision Analysis: Trends and Challenges
The first part, overviews, provides state-of-the-art surveys of various aspects of decision analysis and utility theory. The second part, theory and foundations, includes theoretical contributions on decision-making under uncertainty, partial beliefs and preferences.