Probabilistic Forecasts and Optimal Decisions
Probabilistic Forecasts and Optimal Decisions
English | 2025 | ISBN: 139422186X | 540 Pages | PDF, EPUB (True) | 43 MB
English | 2025 | ISBN: 139422186X | 540 Pages | PDF, EPUB (True) | 43 MB
Decision theory is a body of thought and research seeking to apply a mathematical-logical framework to assessing probability and optimizing decision-making. It has developed robust tools for addressing all major challenges to decision making. Yet the number of variables and uncertainties affecting each decision outcome, many of them beyond the decider’s control, mean that decision-making is far from a ‘solved problem’. The tools created by decision theory remain to be refined and applied to decisions in which uncertainties are prominent.