decision theory

English

Noun

decision theory (plural decision theories)

1. A branch of applied probability theory concerned with the theory of decision making based on models describing probabilities, actions, constraints, and preferences.

   Synonym: theory of choice

   • 2006, Yakov Ben-Haim, Info-Gap Decision Theory: Decisions Under Severe Uncertainty, 2nd edition, Elsevier, →ISBN, page 3:

     Info-gap decision theory is based on quantitative models and provides numerical decision-support assessments.

   • 2014, Giacomo Della Riccia et al., editors, Planning Based on Decision Theory‎^[1], Springer, →ISBN:

     Decision theory gives a concise framework for making decisions based on models. Its components are a state space forming the range of a set of variables, alternatives or potential actions, and constraints on the decision space a set of consequences of actions, and a preference functional encoding and optimality criterion, involving the costs and value of extra information.

See also

• decision science

Further reading

• decision theory on Wikipedia.Wikipedia