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decision theory

noun, Statistics.
the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.
Origin of decision theory
First recorded in 1960-65 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2017.
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British Dictionary definitions for decision theory

decision theory

(statistics) the study of strategies for decision-making under conditions of uncertainty in such a way as to maximize the expected utility See also game theory
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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