the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.
behavioral economicsRead more in this article about some frequently asked questions and fun facts related to our definitions.
Dopesters Can’t Stop Talking About This Word Of The Day QuizDo you enjoy marshmallows with your rococo? Quaff this week’s Word of the Day Quiz. If the quiz doesn’t display, please try opening in the Chrome browser. Interested in Words of the Day from the past? Check out this one that we brought to life … Tell us your favorite word from this week below (and share it with your friends on Facebook and Twitter)!
Origin of decision theory
First recorded in 1960–65
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for decision theory
statistics the study of strategies for decision-making under conditions of uncertainty in such a way as to maximize the expected utilitySee 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