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The rational model of decision-making is a process for making sound decisions in policy making in the public sector. Rationality is defined as “a style of behavior that is appropriate to the achievement of given goals, within the limits imposed by given conditions and constraints”. [ 4 ]
Public participation in decision-making has been studied as a way to align value judgements and risk trade-offs with public values and attitudes about acceptable risk. This research is of interest for emerging areas of science, including controversial technologies and new applications. [17]
Markov decision process (MDP), also called a stochastic dynamic program or stochastic control problem, is a model for sequential decision making when outcomes are uncertain. [ 1 ] Originating from operations research in the 1950s, [ 2 ] [ 3 ] MDPs have since gained recognition in a variety of fields, including ecology , economics , healthcare ...
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.
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