decision theory


Also found in: Dictionary, Thesaurus, Medical, Legal, Wikipedia.

decision theory

[di′sizh·ən ‚the·ə·rē]
(systems engineering)
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.

decision theory

(probability)
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)
References in periodicals archive ?
To make this idea precise, accuracy-firsters invoke epistemic decision theory (EPDT) to determine which epistemic policies are the best means toward the end of accuracy.
Decision theory and its key concepts (utility, or desirability of an outcome, states of the world, or possible scenarios, etc.) culminated in the mid-20th century with the invention of game theory and the development of mathematical tools of analysis.
On the basis of the cloud model and prospect decision theory, we constructed a prospect value consistency model that includes the cloud prospect value consistency degree and feedback regulation by integrating the complete decision procedure committed to solving the group decision making for the risky multiattribute linguistic variable assessment problem.
framework and subsequent research applying decision theory to antitrust
A key difference between our study and much of the literature on establishment mode choice relates to our use of behavioral decision theory (Wiseman and Gomez-Mejia 1998) in arguing for the relationships between equity ownership, compensation structures and choice of establishment mode.
The topics are project management fundamentals, project success, basic planning techniques, risk management, decision theory, advanced project scheduling techniques, resource allocation techniques, project control techniques, and project termination.
Decision theory is like game theory, involving a durable ability to rationally reach an optimal outcome.
If within-subjects treatments are to be implemented: (i) paying one decision randomly (POR) is incentive compatible only for expected utility theory; (ii) paying all decisions independently (PAI) at the end of the experiment is not incentive compatible for any decision theory; (iii) paying all decisions sequentially (PAS) is incentive compatible for decision theories defined on income such as cumulative prospect theory and the expected utility of the income model; and (iv) paying all decisions correlated at the end of the experiment (PAC) is incentive compatible for the dual theory of expected utility (Yaari, Econometrica, 1987).
Selection is the main subject of decision theory and the science of multi-criteria decision making in management [17].
A sample of paper topics includes measurement and research on stage machinery noise in theater, balance and vibration analysis on an in-line five cylinder engine, stability design of cutting current based on fuzzy control theory, skin color detection using the statistical decision theory, improved design on guardrail used for frequent accident occurring highway section, work principle and application of linear motion unit, teaching in technological institutes, risk decision-making system in manufacture enterprise management, preliminary discussion on training mode of excellence engineer in application oriented university, and study on multimedia education system of technological college.
Guo, "One-shot decision theory," IEEE Transactions on Systems, Man, and Cybernetics Part A: Systems and Humans, vol.

Full browser ?