decision theory


decision theory
The theory of choices made when each option is associated with a risk, or expectation of gain or loss, where the expectation is a function of the probability of some outcome and the total gain or loss involved. See dominance, expected utility.

Philosophy dictionary. . 2011.

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  • decision theory — Statistics. the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome. [1960 65] * * * In statistics and related subfields of philosophy, the theory and method of… …   Universalium

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  • decision theory — The systematic analysis of strategies for the optimal selection of alternative courses of action. Decision making in conditions of uncertainty is fundamental to the management of organizations, and decision theory has developed a sophisticated… …   Auditor's dictionary

  • decision theory — /dɪ sɪʒ(ə)n ˌθɪəri/ noun the mathematical methods for weighing the various factors in making decisions ● In practice it is difficult to apply decision theory to our planning. ● Students study decision theory to help them suggest strategies in… …   Marketing dictionary in english

  • decision theory — sprendimų teorija statusas T sritis automatika atitikmenys: angl. decision theory vok. Entscheidungstheorie, f rus. теория решений, f pranc. théorie des décisions, f …   Automatikos terminų žodynas

  • decision theory — noun the mathematical study of strategies for optimal decision making between options involving different risks or expectations of gain or loss depending on the outcome. Compare with game theory …   English new terms dictionary

  • decision theory — noun Date: 1961 a branch of statistical theory concerned with quantifying the process of making choices between alternatives …   New Collegiate Dictionary


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