My article
Rational Decision Making was published in Wiley StatsRef:Statistics Reference Online. The article discusses the following topics:
- decision making;
- decision theory;
- decision analysis;
- game theory;
- multicriteria decision making;
- risk;
- uncertainty; and
- rationality.
Here is the abstract:
Rational decision making requires executing an appropriate
decision-making process to select the best alternative. This can be
challenging when information is uncertain or when time is limited. This
article describes three important perspectives on decision making: (i)
the problem-solving perspective, (ii) the decision-making process
perspective, and (iii) the decision-making system perspective. This
article describes important concepts from these three perspectives,
including rationality, multicriteria decision making, group decision
making, decision making under uncertainty, game theory, contexts for
decision making, decision-making processes, and techniques for modeling
and improving decision-making systems. Understanding and applying these
concepts can improve decision making. The article will first consider
the challenge of selecting the best alternative, which is the
problem-solving perspective. Then, the article will discuss the
decision-making process perspective: how people make decisions. Finally,
the article will describe decisions from the decision-making system
perspective by considering the decision-making behaviors and information
flow within organizations and how to improve those decision-making
systems. This article also provides numerous references to sources that
provide additional details about rational decision making.
