Decision-Making Under Uncertainty

Holloway, C. "Decision Making Under Uncertainty Models and Choices" Prentice-Hall Englewood Cliffs, N.J., 1979. 

Some authors further distinguish between decision-making under uncertainty and decision-making under risk with the former referring to a situation where no quantitative information on the "uncertain" parameters is available and the latter referring to a situation where a well-determined probability distribution is available (cf. Wets 1974, pp. 309-310). Here, this distinction will not be used. 

Bell, D. (19S2), "Regret In decision making under uncertainty," Operations... 

Chakraborty, A. and Linninger, A. A. (2003). Plant-wide waste management.2. Decision making under uncertainty, Ind. Eng. Chem. Res., 42, pp. 357-369. 

Hoffmann, V. H., McRae, G. J. and Hungerblihler, K. (2004). Methodology for early-stage technology assessment and decision making under uncertainty application to the selection of chemical processes, Ind. Eng. Chem. Res., 43, pp. 4337-4349. 

A major contribution of SEU is that it represents differing attitudes towards risk and provides a normative model of decision making under uncertainty. The prescriptions of SEU are also clear and testable. Consequently, SEU has played a major role in fields other than economics, both as a tool for improving human decision making and as a stepping stone for developing models that describe how people make decisions when outcomes are uncertain. As discussed further in Section 4, much of this work has been done in psychology. 

Zimmer, A. (1983), Verbal versus Numerical Processing of Subjective Probabdities, in Decision Making under Uncertainty, R. W. Scholtz, Ed., North Holland, Amsterdam. 

The following deterministic optimization approach is also often used for decision making under uncertainty. The random variable D is replaced by its mean /a = E[D], and then the following deterministic optimization problem is solved ... 

Improbable Is Not Impossible Decision Making Under Uncertainty... 

Risk analysis and decision making under uncertainty are inherendy cross disciplinary. Risk is primarily concerned with measuring the probability and severity of potentially negative outcomes. Risk is a scientific concept that can be qualitative or quantitative or both. By contrast, decision making, which is about the acceptability of risk, has political, ethical, and personal dimensions (Lowrance, 1976). Some will argue that risk is primarily subjective, that the notion of risk is a response to the human need to cope with uncertainty and that we develop models whose structures and uses are riddled with subjective judgments (Slovic, 1999). We must acknowledge that all models have an element of subjectivity but the key difference between the scientific and subjective views of risk is the extent of this subjectivity. For the purposes of this paper, I... 

THEORETICAL APPROACHES TO MULTI-CRITERIA DECISION MAKING UNDER UNCERTAINTY... 

Analysis based on net present value (NPV) calculations represents an alternative method for supporting decision-making under uncertainty. To measure the NPV of a project, the relevant project cash flows are specified and the time value of money is taken into account by discounting future cash flows by the appropriate rate of return (Shapiro 1991). The formula used to calculate NPV is ... 

The other school of thought prescribes the use of Baysean approach of maximizing the expected utihty in decision making under uncertainty. 

Karen Marais is a doctoral candidate in the Department of Aeronautics and Astronautics at the Massachusetts Institute of Technology. Her research interests include safety and risk assessment, decision-making under uncertainty, and systems architecture. 

The theory of evidence was first generated by Dempster (1968) and further developed by Shafer (1976). It is often referred to as the Dempster-Shafer theory of evidence or D-S theory. The D-S theory was originally used for information aggregation in expert systems as an approximate reasoning tool (Mantaras, 1990). Subsequently, it has been used in decision making under uncertainty (Yager, 2004). 

PatOTi (2008) developed a community engagement theory that captured key elements of these relationships, empowerment and tmst, and the personal beliefs and social competencies that influenced preparedness decision-making under uncertainty. This theory has demonstrated an ability to predict earthquake preparedness (Paton 2013). 

To propose strategies for decision-making under uncertainty that systematically review variability and explicitly take it into account. 

Model Based Decision Making under Uncertainty... 

Gollier C, Treich N (2003) Decision making under uncertainty the economics of the precautionary principle. J Risk Uncertainty 27(1) 77-103... 

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