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Decision Theory |
Decision theory has received a tremendous research interest across the scientific disciplines. Decision theory investigates the mathematical and probabilistic relations and its quantitative representation in order optimize the utility of decisions. Decision analysis provides the decision maker an instrument that leads to an objective and transparent choice and justification of alternatives. The foundations of decision analysis in terms of utility theory were firstly defined in a set of axioms stated by Von Neumann and Morgenstern (1947). Raiffa and Schaifer (1961) introduced the decision theory providing rational and theoretical feasibility to each phase of the decision problem. The course will cover theory and practice of decision making under uncertainty covering the foundations up to recent developments and applications in the fields of civil engineering, management and the ones which are represented by the course participants. |
Sebastian Thöns
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