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:
“Every decision is liberating, even if it leads to disaster. Otherwise, why do so many people walk upright and with open eyes into their misfortune?”
—Elias Canetti (b. 1905)
“Don’t confuse hypothesis and theory. The former is a possible explanation; the latter, the correct one. The establishment of theory is the very purpose of science.”
—Martin H. Fischer (1879–1962)