decision theory(redirected from Empirical decision theory)
Also found in: Dictionary.
decision theory[di′sizh·ən ‚the·ə·rē]
A broad spectrum of concepts and techniques which have been developed to both describe and rationalize the process of decision making, that is, making a choice among several possible alternatives.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.
A branch of statistics concerning strategies for decision making in non-deterministic systems. Decision theory seeks to find strategies that maximise the expected value of a utility function measuring the desirability of possible outcomes.
This article is provided by FOLDOC - Free Online Dictionary of Computing (foldoc.org)