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Decisionmaking under uncertainty with various assumptions about available information

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1 Author(s)
Whalen, T. ; Dept. of Decision Sci., Georgia State Univ., Atlanta, GA, USA

Six different varieties of methodology are surveyed for choosing one of a fixed number of alternative actions in the context of uncertainty. Within this context a fixed number of possible states of the world can actually hold, where the outcome of each alternative action is dependent on the state of the world. The six approaches differ from each other primarily in their assumptions about the quality and quantity of information that is available regarding: the relative possibility or likelihood of the various states of the world, and the relative utility of the various outcomes defined by (action, state) pairs. The six approaches are illustrated using a single example. Finally, the prospects for an integrated approach to decision support that is sensitive to the quality and quantity of information are discussed, and some fruitful areas for further research are suggested.

Published in:

Systems, Man and Cybernetics, IEEE Transactions on  (Volume:SMC-14 ,  Issue: 6 )