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Foundations of Decision Analysis: Along the Way

Author

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  • Peter C. Fishburn

    (AT&T Bell Laboratories, 600 Mountain Avenue, Murray Hill, New Jersey 07974-2070)

Abstract

This paper offers a personal perspective on the development of decision theory and related subjects during the past half century. It first reviews six milestones in the foundations of decision analysis that are associated with Frank P. Ramsey, John von Neumann and Oskar Morgenstern, Leonard J. Savage, Maurice Allais and Ward Edwards, West Churchman and Russell Ackoff, and Kenneth Arrow. It then gives a personal account of further developments over the past 30 years in linear utility theory, subjective probability and ambiguity, nonlinear preference and utility, stochastic dominance and inequality analysis, multiattribute utility theory, and the theory of social choice. The paper could be viewed as a supplement to my extensive review of utility theory in Management Science some 20 years ago. However, it makes no claim of completeness since its main aim is to recall important debts and describe what it has been like to be a part of the development of decision analysis in the past few decades.

Suggested Citation

  • Peter C. Fishburn, 1989. "Foundations of Decision Analysis: Along the Way," Management Science, INFORMS, vol. 35(4), pages 387-405, April.
    • Handle: RePEc:inm:ormnsc:v:35:y:1989:i:4:p:387-405
    DOI: 10.1287/mnsc.35.4.387
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    Citations

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    Cited by:

    1. Berde, Éva & Petró, Katalin, 1995. "A különféle hasznosságfogalmak szerepe a közgazdaságtanban [The role of various notions of utility in economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 511-529.
    2. Borgonovo, Emanuele & Marinacci, Massimo, 2015. "Decision analysis under ambiguity," European Journal of Operational Research, Elsevier, vol. 244(3), pages 823-836.
    3. Andrea C. Hupman & Jay Simon, 2023. "The Legacy of Peter Fishburn: Foundational Work and Lasting Impact," Decision Analysis, INFORMS, vol. 20(1), pages 1-15, March.
    4. Konstantinos V. Katsikopoulos, 2011. "Psychological Heuristics for Making Inferences: Definition, Performance, and the Emerging Theory and Practice," Decision Analysis, INFORMS, vol. 8(1), pages 10-29, March.
    5. Dorian Jullien, 2013. "Asian Disease-type of Framing of Outcomes as an Historical Curiosity," GREDEG Working Papers 2013-47, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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