How does decision theory deal with decision-making in situations involving multiple criteria or objectives?
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How does decision theory deal with decision-making in situations involving multiple criteria or objectives?
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- What is the role of risk aversion in decision theory and how does it influence decision making?How does positive thinking would lead to sub optimal decision making process in the context of non-programmed decision making?1/- what are the Decision Models? How do the decision models aid, hinder this process and why? 2/- What other decision models are being considered and why?
- How does decision theory account for intertemporal decision-making, where choices have long-term consequences?How does the role of information in the rational model of decision making differ from the role of information in the behavioral model?Differentiate group decision making and individual decision making and then evaluate their respective pros and cons