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SOME BOUNDS TO THE RELEVANCE OF DECISION THEORY *
Author(s) -
Wright Victor E.
Publication year - 1983
Publication title -
australian journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 0004-9395
DOI - 10.1111/j.1467-8489.1983.tb00427.x
Subject(s) - relevance (law) , decision theory , causal decision theory , decision field theory , evidential reasoning approach , evidential decision theory , decision analysis , management science , principal (computer security) , decision engineering , business decision mapping , decision rule , computer science , rational planning model , optimal decision , mathematics , mathematical economics , artificial intelligence , decision tree , economics , political science , statistics , management , law , operating system
Decision theory affords a means for the objectively rational use of information in decision‐making. Concern has been expressed from time to time that the application of decision theory is, or is sometimes, of doubtful appropriateness. In this paper an attempt is made to identify a principal source of this concern and the mis‐specification of decision problems using decision theory that it implies. Suggestions are offered as to how the merits of the use of decision theory might be retained in decision‐making situations where doubts may arise about the appropriateness of its application.