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Decision Analysis Quiz

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Questions and Answers

Who pioneered the idea of subjective probability in 1931?

Oskar Morgenstern

Frank Ramsey (correct)

Daniel Kahneman

John von Neumann

What is the primary purpose of decision analysis?

Promoting a decision without formal assessment

Identifying, representing, and assessing important aspects of a decision (correct)

Minimizing the impact of uncertainties in a decision

Maximizing profits for the decision maker

Who developed an axiomatic basis for utility theory in the 1940s?

John von Neumann (correct)

Oskar Morgenstern

Daniel Kahneman

Frank Ramsey

What does decision analysis prescribe as a recommended course of action?

Applying the maximum expected-utility axiom to a well-formed representation of the decision Signup and view all the answers

What did Frank Ramsey pioneer in the field of decision analysis?

Subjective probability as a representation of an individual’s beliefs or uncertainties Signup and view all the answers

Who pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties?

Frank Ramsey Signup and view all the answers

What is the primary focus of decision analysis?

Formally assessing important aspects of a decision Signup and view all the answers

Who developed an axiomatic basis for utility theory in the 1940s?

John von Neumann and Oskar Morgenstern Signup and view all the answers

What does decision analysis prescribe as a recommended course of action?

Applying the maximum expected-utility axiom to a well-formed representation of the decision Signup and view all the answers

What did Frank Ramsey pioneer in 1931?

Subjective probability as a representation of an individual’s beliefs or uncertainties Signup and view all the answers

Decision Analysis Quiz

Choose a study mode

Podcast

Questions and Answers

Who pioneered the idea of subjective probability in 1931?

What is the primary purpose of decision analysis?

Who developed an axiomatic basis for utility theory in the 1940s?

What does decision analysis prescribe as a recommended course of action?

What did Frank Ramsey pioneer in the field of decision analysis?

Who pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties?

What is the primary focus of decision analysis?

Who developed an axiomatic basis for utility theory in the 1940s?

What does decision analysis prescribe as a recommended course of action?

What did Frank Ramsey pioneer in 1931?

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