Selected article
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Decision theory is an interdisciplinary area of study, related to and of interest to practitioners in mathematics, statistics, economics, philosophy, management and psychology. It is concerned with how real decision-makers make decisions, and with how optimal decisions can be reached.
Most of decision theory is normative or prescriptive, i.e. it is concerned with identifying the best decision to take, assuming an ideal decision taker who is fully informed, able to compute with perfect accuracy, and fully rational. The practical application of this prescriptive approach (how people should make decisions) is called decision analysis, and aimed at finding tools, methodologies and software to help people make better decisions. The most systematic and comprehensive software tools developed in this way are called decision support systems.
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Did you know...
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- …that Francisco de Vitoria (pictured), a Spanish Renaissance Roman Catholic theologian, was the founder of the tradition in philosophy known as the School of Salamanca?
- ...that Collective Intentionality is a topic in the Philosophy of Mind that has been explored by John Searle, Margaret Gilbert, and J. David Velleman, among others?
- …that a 2001 discovery of lost manuscripts by Majorcan philosopher and writer Ramon Llull showed that he had indeed discovered the Borda count and Condorcet criterion, and as a result he has been called the father of computation theory?
- …that although the paradox, Buridan's ass, is named after French priest Jean Buridan, it had already been previously stated in De Caelo by Aristotle?
- …that besides being a philosopher, Gottfried Leibniz was an engineer, lawyer, philologist, sinophile, and a famed mathematician who co-invented calculus?
- …that while most Enlightenment scholars criticized the Byzantine system of the Eastern Roman Empire, Konstantin Leontiev, a scholar from the Russian Empire praised it for the very same reasons?
- …that Marc Sautet started the philosophical cafe known as Café Philosophique?
- …that criteria of truth are standards and rules used to judge the accuracy of statements and claims?
- …that a deductive fallacy is an argument that has true premises, but may still have a false conclusion?
- …that Dictes and Sayings of the Philosophers is the first dated book printed in England?
- …that Wikipedia has information on everything?
- …that a successful experimental system must be stable and reproducible enough for scientists to make sense of the system's behavior, but unpredictable enough that it can produce useful results?
- …that the ancient Chinese text Huangdi Yinfujing, attributed to the mythical emperor Huangdi in the 3rd century BCE, may have been a forgery from the Tang Dynasty (618–907 CE)?
- …that Time magazine editor Otto Fuerbringer was responsible for the controversial 1966 Is God Dead? cover?
- …that alternative theories of speciation besides natural selection include Lamarckism and orthogenesis?
- …that before the 17th century it was believed that all organisms grew from miniature versions of themselves that had existed since the beginning of creation, a theory called preformationism?
- …that children have trouble attributing implicit meaning to aspect verbs implicating non-completion such as start, but find implicit meaning in degree modifiers such as half, as in half-finished?
- …that Jagadguru Rāmabhadrācārya (pictured), a blind Hindu religious leader, has observed nine Payovrata, a six-month diet of only milk and fruits, per the fifth verse of the Dohāvalī composed by Tulasidāsa, which says that chanting the name of Rāma subsisting on a diet of milk and fruits for six months will result in all the auspiciousness and accomplishments in one's hand?
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