Some Bounds to the Relevance of Decision Theory

Title
Some Bounds to the Relevance of Decision Theory
Publication Date
1983-12
Author(s)
Wright, Vic
( author )
OrcID: https://orcid.org/0000-0002-8284-3567
Email: vwright5@une.edu.au
UNE Id une-id:vwright5
Type of document
Journal Article
Language
en
Entity Type
Publication
Publisher
Australian Agricultural Economics Society
Place of publication
Australia
DOI
10.1111/j.1467-8489.1983.tb00427.x
UNE publication id
une:1959.11/31700
Abstract
Decision theory affords a means for the objectively rational use of information in decision-making. Concern has been expressed from time to time that the application of decision theory is, or is sometimes, of doubtful appropriateness. In this paper an attempt is made to identify a principal source of this concern and the mis-specification of decision problems using decision theory that it implies. Suggestions are offered as to how the merits of the use of decision theory might be retained in decision-making situations where doubts may arise about the appropriateness of its application.
Link
Citation
Australian Journal of Agricultural Economics, 27(3), p. 221-230
ISSN
0004-9395
Start page
221
End page
230

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