Response to Comments on Howard (2004)

Ronald A. Howard ()
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Ronald A. Howard: Management Science and Engineering, School of Engineering, Stanford University, Stanford, California 94305

Decision Analysis, 2004, vol. 1, issue 2, 89-92

Abstract: These remarks respond to the comments offered by four colleagues on my paper “Speaking of Decisions: Precise Decision Language” (Howard 2004). The response gives me the opportunity to clarify and expand on the paper and to note different views. In particular, I further discuss random variable, distinction, expected value, option, utility as a measure of happiness or satisfaction, subjective probability , the necessity of a value measure for computing the value of clairvoyance , decision analysis as a normative discipline, and the inability of the clairvoyant to provide probabilities. I conclude with a concept map for the language and a table showing where the terms are most useful in conversations with students and clients.

Keywords: random variable; distinction; expected value; option; utility; subjective probability; value of clairvoyance; concept map (search for similar items in EconPapers)
Date: 2004
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