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:
“Concision in style, precision in thought, decision in life.”
—Victor Hugo (1802–1885)
“There never comes a point where a theory can be said to be true. The most that one can claim for any theory is that it has shared the successes of all its rivals and that it has passed at least one test which they have failed.”
—A.J. (Alfred Jules)