Considerations on the Rationale and Approach of Decision Science

Popescu Oana Catalina ()
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Popescu Oana Catalina: Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1733-1738

Abstract: The approach to decision theory has varied from one scholar and school of thought to the other from the development of mathematically complex systems, models and equations to the disregard of this particular academic endeavor altogether due to randomness and overwhelming subjectivity and complexity. This paper shall briefly cite the main opposing perspectives on the general decision-making model, and in so doing argue whether the study of decisions makes academic sense at all. Concluding as to not only the pertinence, but the necessity of decision science, we do however admit the need for a more comprehensive and integrated approach. We then attempt to draw the guidelines of a general decision model, and later list some of the factors that such a model should integrate in order to constitute a realistic point of reference.

Keywords: decision theory; decisions; game theory; economic modelling (search for similar items in EconPapers)
JEL-codes: C18 C51 C70 D70 D80 D90 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:11:y:2011:i:1:p:1733-1738

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