Decision theory in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimal decision. It is closely related to the field of game theory as to interactions of agents with at least partially conflicting interests whose decisions affect each other.
Read more about Decision Theory: Normative and Descriptive Decision Theory, Alternatives To Decision Theory
Famous quotes containing the words decision and/or theory:
“I know my fate. One day my name will be tied to the memory of something monstrous—a crisis without equal on earth, the most profound collision of conscience, a decision invoked against everything that had previously been believed, demanded, sanctified. I am no man, I am dynamite!”
—Friedrich Nietzsche (1844–1900)
“The things that will destroy America are prosperity-at-any- price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.”
—Theodore Roosevelt (1858–1919)