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Mutually exclusive decisions have been studied for decades. Many well-knowndecision theories have been defined to help people either to make rationaldecisions or to interpret people's behaviors, such as expected utility theory,regret theory, prospect theory, and so on. The paper argues that none of thesedecision theories are designed to provide practical, normative and quantitativeapproaches for multiple mutually exclusive decisions. Different decision-makersshould naturally make different choices for the same decision question, as theyhave different understandings and feelings on the same possible outcomes.Theauthor tries to capture the different understandings and feelings fromdifferent decision-makers, and model them into a quantitative decisionevaluation process, which everyone could benefit from. The basic elements inclassic expected utility theory are kept in the new decision theory, but theinfluences from mutually exclusive decisions will also be modeled into theevaluation process. This may sound like regret theory, but the new approach isdesigned to fit multiple mutually exclusive decision scenarios, and it does notrequire a definition of probability weighting function. The new theory isdesigned to be simple and straightforward to use, and the results are expectedto be rational for each decision-maker.

A quantitative approach to choose among multiple mutually exclusive decisions: comparative expected utility theory