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Some Bounds To The Relevance Of Decision Theory

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  • Wright, Vic

Abstract

Decision theory affords a means for the objectively rational use of information in decision-making. Concern has been expressed from time to time that the application of decision theory is, or is sometimes, of doubtful appropriateness. In this paper an attempt is made to identify a principal source of this concern and the mis-specification of decision problems using decision theory that it implies. Suggestions are offered as to how the merits of the use of decision theory might be retained in decision-making situations where doubts may arise about the appropriateness of its application.

Suggested Citation

  • Wright, Vic, 1983. "Some Bounds To The Relevance Of Decision Theory," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(3), pages 1-10, December.
    • Handle: RePEc:ags:ajaeau:22746
    DOI: 10.22004/ag.econ.22746
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    References listed on IDEAS

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    1. Hirshleifer, J & Riley, John G, 1979. "The Analytics of Uncertainty and Information-An Expository Survey," Journal of Economic Literature, American Economic Association, vol. 17(4), pages 1375-1421, December.
    2. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    3. Anderson, Jock R. & Dillon, John L. & Hardaker, Brian, 1977. "Agricultural Decision Analysis," Monographs: Applied Economics, AgEcon Search, number 288652, November.
    4. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, in: Robert Evenson & Prabhu Pingali (ed.), Handbook of Agricultural Economics, edition 1, volume 3, chapter 44, pages 2343-2378, Elsevier.
    5. Herbert H. Isaacs, 1963. "Sensitivity of Decisions to Probability Estimation Errors," Operations Research, INFORMS, vol. 11(4), pages 536-552, August.
    6. James G. March, 1978. "Bounded Rationality, Ambiguity, and the Engineering of Choice," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 587-608, Autumn.
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    Cited by:

    1. Malcolm, Bill, 2000. "Farm Management Economic Analysis: A Few Disciplines, a Few Perspectives, a Few Figurings, a Few Futures," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 171920, Australian Agricultural and Resource Economics Society.
    2. Bill Malcolm, 2004. "Where's the economics? The core discipline of farm management has gone missing!," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(3), pages 395-417, September.

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    Keywords

    Risk and Uncertainty;

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