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Decision theory


 

Decision theory is an interdisciplinary area of study, related to and of interest to practitioners in mathematics, statistics, economics, philosophy, management and psychology. It is concerned with how real decision-makers make decisions, and with how optimal decisions can be reached.

Paradox of choice

Observed in many cases is the paradox that more choices may lead to a poorer decision or a failure to make a decision at all. It is sometimes theorized to be caused by analysis paralysis, real or percieved, or perhaps from rational ignorance. An number of researchers including Dr. Sheena S. Iyengar, now of Columbia, and Dr. Mark R. Lepper, of Stanford have published studies on this phenomenon. (Goode, 2001)

Related Topics:
Analysis paralysis - Rational ignorance - Columbia - Stanford

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◄ Decision theory: Complex decisions
Decision theory: See also ►

~ Table of Content ~

►Introduction
►Normative and descriptive decision theory
►What kinds of decisions need a theory?
►Complex decisions
►Paradox of choice
►See also
►References

 

 

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