All of human life may be seen as a process of decision-making, but
it is only in recent years and in response to the needs of the
large and complex organizations characterizing our society that
this process has been subjected to scientific scrutiny. Out of this
scrutiny--undertaken by a wide range of professionals in economics,
administration, management, statistics, psychology, engineering,
computer science, operations research, and systems analysis--there
has begun to emerge a body of theory that has profound implications
for improving practical decision-making. This book is the first to
bring together all the various aspects of decision theory into one
cohesive treatment, focusing on the meaning of "best" decisions and
how "best" can be attained in practice. Professor White deals
generally with the two major aspects of decision-making:
uncertainty and utility (values), and how-using statistical theory,
utility theory, game theory, and all the other components that go
into decision theory- these can be measured and brought together
into effective decision-making criteria. Particular attention is
given to problems of knowledge and to the general place of
information theory in decision-making; to the notion of
"measurability" in this context; to the differences between the
physical and human sciences, showing the scope for scientific
method in seeking better decision making; and to problem-solving
behavior and the problem environment, since these are vital aspects
in the practical application of decision theory. Uniquely
synthesizing the various aspects of contemporary decision theory,
the book clearly and coherently illuminates the very subtle
concepts of "better" decision-making. Its focus on the implications
of theory for practical decisions will make the book a basic tool
for professors and practitioners of operations research, management
science, systems analysis, computer sciences, and other fields; and
as the first basic text dealing with this subject, it will be
widely used for advanced undergraduate and graduate courses on
decision theory in departments of economics, statistics, and
psychology, and in schools of business and engineering. "D.J.
White" is presently professor and Head of the Department of
Operational Research at Strathclyde University. He has had more
than ten years experience in this field, two and a half of which
were spent in research specifically on the examination of decision
theory in the light of practical problem solving.
General
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