Decision theory

Decision theory is an interdisciplinary framework for analyzing and making rational decisions. It combines elements from various fields, including statistics, economics, psychology, philosophy, and artificial intelligence. The fundamental goal of decision theory is to provide a structured way to evaluate choices under uncertainty and complexity. Key components of decision theory include: 1. **Decision-making Context**: A clear understanding of the problem or situation where decisions need to be made. 2. **Alternatives**: Identification of different courses of action or choices available.