decision theory

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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, 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.

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