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Questions and Answers
Who pioneered the idea of subjective probability in 1931?
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?
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?
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?
What does decision analysis prescribe as a recommended course of action?
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What did Frank Ramsey pioneer in the field of decision analysis?
What did Frank Ramsey pioneer in the field of decision analysis?
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Who pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties?
Who pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties?
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What is the primary focus of decision analysis?
What is the primary focus of decision analysis?
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Who developed an axiomatic basis for utility theory in the 1940s?
Who developed an axiomatic basis for utility theory in the 1940s?
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What does decision analysis prescribe as a recommended course of action?
What does decision analysis prescribe as a recommended course of action?
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What did Frank Ramsey pioneer in 1931?
What did Frank Ramsey pioneer in 1931?
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