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Some Bounds to the Relevance of Decision Theory |
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Australian Agricultural Economics Society |
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DOI |
10.1111/j.1467-8489.1983.tb00427.x |
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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. |
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Citation |
Australian Journal of Agricultural Economics, 27(3), p. 221-230 |
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