Decision Analysis

H. A. Eiselt () and Carl-Louis Sandblom ()
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H. A. Eiselt: University of New Brunswick
Carl-Louis Sandblom: Dalhousie University

Chapter 9 in Operations Research, 2012, pp 303-331 from Springer

Abstract: Abstract Everywhere in the world, at each moment, millions of people make their own decentralized decisions: when to get up in the morning, what tie to wear, what to eat for lunch or dinner, what to do in the evening (go to the theater or watch television), where to vacation, and many more. Similarly, firms will decide which mode of transportation to use when routing their products to customers, where to locate regional distribution centers, what new product lines to develop, etc. This chapter will first introduce the main elements of decision analysis, and then offer some visualizations of decision analysis problem. This is followed by a discussion of some simple decision rules, sensitivity analyses, and a discussion of the value of information. The chapter wraps up the discussion by some thoughts on utility theory.

Keywords: Decision Maker; Posterior Probability; Expected Payoff; Perfect Information; Payoff Matrix (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-3-642-31054-6_9

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