Decision Theory Articles

April 5th, 2016 – 11:31 am
Categorized as Social Science notes
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Very good article on decision theory by James Jones, Professor of Mathematics Richland Community College.  The modes discussed are expect value (realist), also called the Bayesian principle, Maximax (optimist), Maximin (Pessimist), and Minimax (Opportunist).  They use the example of a bicycle shop choosing how many bicycles to purchase and sell.  The example is very good and the explanation is well-constructed.

Forestry Economics: A Managerial Approach by John E. Wagner has a great explanation of the decision modes.  The Wikipedia article on Minimax includes pseudocode for using Minimax in games, such as Chess.  Of particular interest was the mention of this technique’s use by Deep Blue, the computer which beat Gary Kasparov in chess.

Management and the Technology Professional – B302 Risk analysis using maximin criterion, minimax regret criterion, expected value criterion, and decision trees is a good example of decision theory writing as well, and it includes a Dilbert cartoon.  Ultimately the regret table at Wikipedia was one of the most useful.

Real-World Decision Making: An Encyclopedia of Behavioral Economics edited by Morris Altman captured my interest when search related to Laplace decision criteria.  It’s more of an economics book on behavior.  I am mentioning here not because of decision theory content, but because it’s page on Google Books led me to IndieBound.org, which seems to be a federation of independent bookstores.