## Concepts and applications of modern decision modelsDivision of Research, Graduate School of Business Administration, Michigan State University, 1976 - Business & Economics - 476 pages |

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### Contents

Better Decisions with Preference Theory | 5 |

Tutorial Introduction to Decision Theory | 24 |

An Elementary Exposition | 35 |

Copyright | |

31 other sections not shown

### Common terms and phrases

alternative approach assessment assumed assumptions auditors average Bayes Bayesian Statistics Bernoulli trials Business cash flows certainty equivalent chance choice consequences consider cost decision analysis decision maker decision problem decision theory decision tree decision-maker effect equation error rate estimate evaluate event example expected profit expected utility expected value experiment Figure given hurricane indifferent investment Journal Kromel likelihood function linear Linear Programming lottery Management Science mathematical maximum mean measure ment method million net-present value node objective obtained optimal outcomes parameters pdf's portfolio possible posterior distribution preference curve premium present value prior distribution prior probability prob probability assignment probability density function probability distribution procedure Programming random random variable rate of return risk aversion risk policy sample scale seeding specified standard deviation Statistical Stochastic strategy subjective probability Table Theorem tion uncertainty utility function utility theory variable variance