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Books > Business & Economics > Business & management > Management & management techniques > Management decision making
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Decision Theory and Decision Behaviour - Normative and Descriptive Approaches (Hardcover, 1989 ed.)
Loot Price: R8,540
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Decision Theory and Decision Behaviour - Normative and Descriptive Approaches (Hardcover, 1989 ed.)
Series: Theory and Decision Library B, 15
Expected to ship within 10 - 15 working days
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This book presents the content of a year's course in decision
processes for third and fourth year students given at the
University of Toronto. A principal theme of the book is the
relationship between normative and descriptive decision theory. The
distinction between the two approaches is not clear to everyone,
yet it is of great importance. Normative decision theory addresses
itself to the question of how people ought to make decisions in
various types of situations, if they wish to be regarded (or to
regard themselves) as 'rational'. Descriptive decision theory
purports to describe how people actually make decisions in a
variety of situations. Normative decision theory is much more
formalized than descriptive theory. Especially in its advanced
branches, normative theory makes use of mathematicallanguage, mode
of discourse, and concepts. For this reason, the definitions of
terms encountered in normative decision theory are precise, and its
deductions are rigorous. Like the terms and assertions of other
branches of mathematics, those of mathematically formalized
decision theory need not refer to anything in the 'real', i. e. the
observable, world. The terms and assertions can be interpreted in
the context of models of real li fe situations, but the
verisimilitude of the models is not important. They are meant to
capture only the essentials of adecision situation, which in
reallife may be obscured by complex details and ambiguities. It is
these details and ambiguities, however, that may be crucial in
determining the outcomes of the decisions.
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