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:
“The issue is privacy. Why is the decision by a woman to sleep with a man she has just met in a bar a private one, and the decision to sleep with the same man for $100 subject to criminal penalties?”
—Anna Quindlen (b. 1952)
“If my theory of relativity is proven correct, Germany will claim me as a German and France will declare that I am a citizen of the world. Should my theory prove untrue, France will say that I am a German and Germany will declare that I am a Jew.”
—Albert Einstein (1879–1955)