Decision Theory
Decision theory is a branch of mathematics and statistics that deals with making decisions in the presence of uncertainty. It provides a framework for analyzing decision-making processes and determining the optimal course of action based on a set of possible outcomes and their associated probabilities. Decision theory is used in a variety of fields, including economics, finance, engineering, and artificial intelligence, to name a few. It involves the use of various models, such as decision trees, game theory, and Markov decision processes, to help decision-makers evaluate different options and choose the best one. Decision theory also considers the preferences and attitudes of the decision-maker, as well as the potential consequences of their decisions, including the possibility of risk and uncertainty.
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