The mythological judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).
Decision theory (or the theory of choice) is a branch of applied probability theory and analytic philosophy concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.[1]
There are three branches of decision theory:
Normative decision theory: Concerned with the identification of optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rational.
Prescriptive decision theory: Concerned with describing observed behaviors through the use of conceptual models, under the assumption that those making the decisions are behaving under some consistent rules.
Descriptive decision theory: Analyzes how individuals actually make the decisions that they do.
Decision theory is a broad field from management sciences and is an interdisciplinary topic, studied by management scientists, medical researchers, mathematicians, data scientists, psychologists, biologists,[2] social scientists, philosophers[3] and computer scientists.
Empirical applications of this theory are usually done with the help of statistical and discrete mathematical approaches from computer science.
^"Decision theory Definition and meaning". Dictionary.com. Retrieved 2022-04-02.
^Habibi I, Cheong R, Lipniacki T, Levchenko A, Emamian ES, Abdi A (April 2017). "Computation and measurement of cell decision making errors using single cell data". PLOS Computational Biology. 13 (4): e1005436. Bibcode:2017PLSCB..13E5436H. doi:10.1371/journal.pcbi.1005436. PMC 5397092. PMID 28379950. Retrieved 2022-04-02.
^Hansson, Sven Ove. "Decision theory: A brief introduction". (2005) Section 1.2: A truly interdisciplinary subject.
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