Accession Number : AD0632524

Title :   DECISION-MAKING,

Corporate Author : WESTERN MANAGEMENT SCIENCE INST UNIV OF CALIFORNIA LOS ANGELES

Personal Author(s) : Marschak,Jacob

Report Date : DEC 1965

Pagination or Media Count : 41

Abstract : Descriptive decision theory is an extension of psychology or anthropology; prescriptive decision theory can be regarded as an extension of logic. Propositions of prescriptive theory can also be regarded as possible hypotheses of descriptive theory. Accordingly, an account of experiments that test such hypotheses is used to acquaint the reader with both the currently available empirical evidence and the main elements of current prescriptive literature. In addition, some alternative descriptive hypotheses are introduced, especially those of probabilistic nature; and the prescriptive materials are extended to include a brief discussion of sequential, informational, and exploratory strategies, and of the cost of decision. (Author)

Descriptors :   (*DECISION MAKING, *ECONOMICS), DECISION THEORY, GAME THEORY, PROBABILITY

Subject Categories : Administration and Management
      Psychology
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE