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Decision Analysis at the Crossroads

Decision Analysis at the Crossroads Empirically observed violations of traditional expected utility theory have prompted several new theories, putting the future of decision analysis at the crossroads. This essay describes the current status of the literature through selected examples of decision making scenarios. It concludes that if all relevant consequences of all alternatives are included in the analysis, then expected utility theory would prove to be valid. Practitioners who use techniques or software based on expected utility theory need only to make sure that they have considered all relevant consequences, and need not worry about the new non‐expected utility theories. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Business Emerald Publishing

Decision Analysis at the Crossroads

American Journal of Business , Volume 7 (1): 6 – Jan 1, 1992

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Publisher
Emerald Publishing
Copyright
Copyright © 1992 MCB UP Ltd. All rights reserved.
ISSN
1935-5181
DOI
10.1108/19355181199200009
Publisher site
See Article on Publisher Site

Abstract

Empirically observed violations of traditional expected utility theory have prompted several new theories, putting the future of decision analysis at the crossroads. This essay describes the current status of the literature through selected examples of decision making scenarios. It concludes that if all relevant consequences of all alternatives are included in the analysis, then expected utility theory would prove to be valid. Practitioners who use techniques or software based on expected utility theory need only to make sure that they have considered all relevant consequences, and need not worry about the new non‐expected utility theories.

Journal

American Journal of BusinessEmerald Publishing

Published: Jan 1, 1992

Keywords: Utility theory; Decision analysis; Decision making

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