One of the mysteries of the English language finally explained.
The mathematical study of strategies for optimal decision-making between options involving different risks or expectations of gain or loss depending on the outcome.Compare with game theory
- ‘Evidence based medicine is the most recent, and by most standards the most successful, effort to date to apply statistical decision theory in clinical medicine.’
- ‘The other main direction of his work was to study gambling as a source to stimulate problems in probability and decision theory.’
- ‘Current practitioners make largely ad hoc use of statistics, probability, decision theory, graph theory, and tools from artificial intelligence and expert systems design.’
- ‘This sort of reasoning is a simple example from the branch of logic called decision theory.’
- ‘The usual rule in statistical decision theory is to reject those hypotheses whose probability falls below .05.’
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