Decision Analysis Quiz
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Decision Analysis Quiz

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@YouthfulNarwhal

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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?

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

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

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

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

    <p>Frank Ramsey</p> Signup and view all the answers

    What is the primary focus of decision analysis?

    <p>Formally assessing important aspects of a decision</p> Signup and view all the answers

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

    <p>John von Neumann and Oskar Morgenstern</p> Signup and view all the answers

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

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

    What did Frank Ramsey pioneer in 1931?

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

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