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The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. 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.
Decision Science and Technology is a compilation of chapters written in honor of a remarkable man, Ward Edwards. Among Ward's many contributions are two significant accomplishments, either of which would have been enough for a very distinguished career. First, Ward is the founder of behavioral decision theory.
In decision theory, the evidential reasoning approach (ER) is a generic evidence-based multi-criteria decision analysis (MCDA) approach for dealing with problems having both quantitative and qualitative criteria under various uncertainties including ignorance and randomness.
The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith . [ 2 ]
Gary Klein (born February 5, 1944, in New York City, New York, U.S.) is a research psychologist famous for pioneering in the field of naturalistic decision making. [1] By studying experts such as firefighters in their natural environment, he discovered that laboratory models could not adequately describe decision making under time pressure and uncertainty.
Causal decision theory (CDT) is a school of thought within decision theory which states that, when a rational agent is confronted with a set of possible actions, one should select the action which causes the best outcome in expectation.
Functional Decision Theory (FDT) is a school of thought within decision theory which states that, when a rational agent is confronted with a set of possible actions, one should select the decision procedure (a fixed mathematical decision function, as opposed to a singular act) that leads to the best output.
His courses on statistical decision theory taught at Carnegie-Mellon influenced Edward C. Prescott and Robert Lucas, Jr., [4] influential figures in the development of new classical macroeconomics and real business-cycle theory. DeGroot's undergraduate text, Probability and Statistics, published in 1975, is widely recognized as a classic textbook.