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decision theory

   Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.03 sec.
decision theory
n
(Mathematics & Measurements / Statistics) Statistics the study of strategies for decision making under conditions of uncertainty in such a way as to maximize the expected utility See also game theory


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This means they envisage the singling out of the best alternative when problem situation models and decision theory methods are used.
The journal focuses on the application to legal issues of new insights developed in economic disciplines such as microeconomics and game theory, finance, econometrics, decision theory, political economy and public choice, behavioral economics, social psychology and evolutionary biology.
Analytics incorporates advanced actuarial science, statistics, mathematics, econometrics, operations research, marketing data modeling and decision theory to produce simpler, but more powerful tools to discover relationships and predict outcomes.
 
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