Decision theory — School of Salamanca · Aristotree

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Decision theory. 1 connected concept: Opportunity cost (related to).

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Decision theory

Community · Opportunity cost

Summary

Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses expected utility and probability to model how individuals would behave rationally under uncertainty.

32 words

Decision theory image — Wikimedia

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Connections1

theoretical framework for opportunity cost analysis
Rational choice theory assumes that individuals make decisions by weighing the benefits and opportunity costs of all available options to maximize utility.
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Facts

Decision theory — School of Salamanca · Aristotree