Decision Theory

Allais Paradox
A phenomenon in decision theory where people's choices under uncertainty violate the axioms of expected utility theory, first identified by Maurice Allais.
Allais Paradox
Anomalies in expected utility theory and its implications on decision making under risk.
Decision Theory
The analysis of rational decision-making involving choices with known and uncertain outcomes, and the optimization of utility functions.
minimax
The objective in decision theory of minimizing the maximum loss.
Minimax Regret
A decision rule in decision theory for minimizing the maximum potential regret across various actions under uncertainty.
St Petersburg Paradox
An exploration of the St Petersburg Paradox, its origins, and implications in economics.