A Decision Model in Consumer Pricing Research

1972 ◽  
Vol 9 (3) ◽  
pp. 287-291
Author(s):  
Raymond F. Barker
Keyword(s):  
Decision Theory ◽  
Consumer Research ◽  
Decision Model ◽  
Pricing Research

The lottery is a useful model for managers making decisions under conditions of risk. The results of this experiment indicate that prospective buyers behave in a manner consistent with decision theory. Under appropriate conditions the lottery offers an indirect, disguised technique useful in consumer research.

The Rationality of Probabilities for Actions in Decision Theory

1998 ◽  
pp. 32-37
Author(s):  
Marion Ledwig
Keyword(s):  
Decision Theory ◽  
Decision Maker ◽  
Decision Model ◽  
The Other ◽  
Subjective Probabilities ◽  
Newcomb’S Problem ◽  
Freedom Of The Will ◽  
The Will ◽  
The One ◽  
The Given

Spohn's decision model, an advancement of Fishburn's theory, is valuable for making explicit the principle used also by other thinkers that 'any adequate quantitative decision model must not explicitly or implicitly contain any subjective probabilities for acts.' This principle is not used in the decision theories of Jeffrey or of Luce and Krantz. According to Spohn, this principle is important because it has effects on the term of action, on Newcomb's problem, and on the theory of causality and the freedom of the will. On the one hand, I will argue against Spohn with Jeffrey that the principle has to be given up. On the other, I will try to argue against Jeffrey that the decision-maker ascribes subjective probabilities to actions on the condition of the given decision situation.

Selection of traffic accident countermeasures

1988 ◽  
Vol 15 (2) ◽  
pp. 145-151
Author(s):  
P. N. Seneviratne ◽  
A. P. Seneviratne
Keyword(s):  
Decision Theory ◽  
Knowledge Base ◽  
Key Words ◽  
Empirical Data ◽  
Traffic Accident ◽  
Decision Model ◽  
Theory Approach ◽  
Microcomputer Program ◽  
A Site ◽  
Selection Of

A decision theory approach is proposed for selecting the optimal accident countermeasure when estimates of future accidents at a site and expected proportion of the accidents likely to be prevented by a countermeasure are uncertain. The decision model is transformed into a microcomputer program and a numerical example is used to illustrate the aptness of the approach and its ability to allow analysts to combine empirical data with informed judgment to make decisions systematically. The potential of the program to be expanded to operate with an extensive built-in knowledge base of accident and countermeasure attributes is discussed. Key words: decision theory, probability, expert systems, utility, uncertainty.

A Decision Model in Consumer Pricing Research

1972 ◽  
Vol 9 (3) ◽  
pp. 287 ◽  
Author(s):  
Raymond F. Barker
Keyword(s):  
Decision Model ◽  
Pricing Research

scholarly journals The Bayesian Decision Model with more than One Predictor—An Application to the Stocking Rate Problem

1971 ◽  
Vol 3 (1) ◽  
pp. 95-102 ◽  
Author(s):  
Freddie C. White ◽  
Vernon R. Eidman
Keyword(s):  
Decision Theory ◽  
Bayesian Analysis ◽  
Decision Model ◽  
Decision Problems ◽  
Statistical Decision Theory ◽  
Stocking Rate ◽  
Bayesian Decision ◽  
Statistical Decision ◽  
Empirical Results ◽  
Recent Developments

The variables a manager faces in making decisions may be divided into two broad categories—those which are determined by the manager and those which are outside of his control. Agricultural economists have made many efforts to develop expectation models for one or more of the uncontrollable variables facing farmers and have suggested procedures for utilizing the resulting expectations. Recent developments in statistical decision theory provide a logically consistent framework for incorporating the predictions of expectation models [4, pp. 192-196]. Applications of Bayesian analysis utilizing predictions of one uncontrollable variable have been reported in the literature [1, 3]. However, many decision problems logically require expectations of two uncontrollable variables (such as price and yield) or more. This article illustrates a method of including predictors for more than one uncontrollable variable in the Bayesian framework, and reports some empirical results of an application to a stocking rate problem.

scholarly journals A decision model for portfolio selection

2009 ◽  
Vol 29 (2) ◽  
pp. 403-417 ◽  
Author(s):  
Rodrigo José Pires Ferreira ◽  
Adiel Teixeira de Almeida Filho ◽  
Fernando Menezes Campello de Souza
Keyword(s):  
Decision Theory ◽  
Financial Markets ◽  
Portfolio Selection ◽  
Financial Market ◽  
Decision Model ◽  
Historical Data ◽  
Point Of View ◽  
Investment Portfolio ◽  
Theory Point ◽  
Economic Indexes

This study presents one approach to investing in the financial markets using a decision theory point of view, where the main decision is to choose an investment portfolio, based on economic indexes, in order to predict future investments based on historical data, which minimizes the risk involved. The decision model is based on Decision Theory and Bayesian Analysis and the application uses Brazilian financial market data from January 1998 to June 2005 as an input.

Representation, abstraction, and simple-minded sophisticates

2020 ◽  
Vol 43 ◽  
Author(s):  
Peter Dayan
Keyword(s):  
Decision Theory ◽  
Predictive Coding ◽  
Bayesian Decision Theory ◽  
Bayesian Decision ◽  
Model Based ◽  
Model Free

Abstract Bayesian decision theory provides a simple formal elucidation of some of the ways that representation and representational abstraction are involved with, and exploit, both prediction and its rather distant cousin, predictive coding. Both model-free and model-based methods are involved.

Rational Uses of Decision Theory

PsycCRITIQUES ◽  
2009 ◽  
Vol 54 (42) ◽  
Author(s):  
Gordon Pitz
Keyword(s):  
Decision Theory

Stimulating Perspectives in Conducting Consumer Research

PsycCRITIQUES ◽  
2012 ◽  
Vol 57 (32) ◽  
Author(s):  
Candice R. Hollenbeck
Keyword(s):  
Consumer Research
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