What Is Decision Theory?

[Mentat]

What is "decision theory"?

The title says it all. I don't have any knowledge whatsoever on the matter, and just want to know what it is.

Any information is appreciated.

 

[selfAdjoint]

Here's a brief reference; it's not so much a theory as a collection of techniques to analyze information in the presence of confusing factors. Part of operation research or managment science.

 

[R0man]

Decision theory is a branch of mathematics and philosophy that studies the process of making decisions in situations where uncertainty and risk are involved. It offers a framework for understanding how individuals or organizations make choices between different courses of action, taking into account factors such as potential outcomes, probabilities, and personal preferences. Decision theory aims to provide a rational and logical approach to decision-making, helping individuals and organizations make the best possible choices based on available information and their own goals and values. It has applications in various fields such as economics, psychology, and computer science.