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What is Decision Theory: Criteria and Examples about?

This document discusses decision theory and decision making under uncertainty. It provides examples of computing expected value and using decision criteria like maximax, maximin, and minimax regret to evaluate decision alternatives. A sample problem is presented involving a farmer deciding which crop to plant given uncertain market conditions. The steps in decision making are outlined. Expected value and decision trees are also discussed as tools for analyzing decisions with probabilistic outcomes.

Author

Ghillian Mae Guiang

Language

EN