decision theory

American  

noun

Statistics.

1. the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.

---

decision theory British  

noun

1. statistics the study of strategies for decision-making under conditions of uncertainty in such a way as to maximize the expected utility See also game theory

---

Etymology

Origin of decision theory

First recorded in 1960–65

Example Sentences

In recent decades, some philosophers have grown dissatisfied with decision theory.

From The New Yorker • Jan. 14, 2019

My particular field is decision theory, which is about individual decision-making.

From Slate • Jun. 29, 2018

There will be seminars on synthetic biology, decision theory and AI.

From The Guardian • Aug. 30, 2014

"When sites come across as strange and frivolous, people let their guard down," says Leslie John, a doctoral student in behavioral decision theory at Carnegie Mellon University, and lead author of the study.

From Time • Oct. 1, 2010

While intellectually stimulating, decision theory, econometrics, and similar courses left me feeling adrift.

From "Just Mercy" by Bryan Stevenson