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Decision Theory

Decision theory is basic to all scientific disciplines, including biostatistics, computer science, economics and engineering, by providing a formal framework for making logical choices in the face of uncertainty. Given a set of alternatives and a corresponding set of consequences, decision theory offers conceptually simple procedures for making choices.

A standard introduction to decision theory will most likely cover the following topics:

  • Basic Concepts
  • Utility and Loss
  • Prior Information and Subjective Probability
  • Bayesian Analysis
  • Minimax Analysis
  • Invariance
  • Preposterior and Sequential Analysis
  • Complete and Essentially Complete Classes

Theory and Decision is a terrific journal devoted to all aspects of decision-making, covering research in psychology, management science, economics, game theory, statistics, operations research, artificial intelligence, cognitive science, and analytical philosophy. Better yet, the journal addresses interactions among these various disciplines. There are also some online tutorials available, including Measurement Decision Theory, Strategic Reasoning, and Graphical Models and Bayesian Networks.

To fulfill our mission of educating students, our online tutoring centers are standing by 24/7, ready to assist students who need extra practice in decison theory.

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