An information ‐ expectation framework for decisions under uncertainty

Abstract

Abstract Despite being in existence for many decades, normative decision theory has not become a commonly used tool for real‐world decisions. This paper considers the reasons for this situation and suggestions for circumventing them. The main suggestion involves a two‐stage framework in terms of the information available to the decision maker and his/her expectations under the available acts. This framework is well suited for decisions with incomplete structure, which is typical of real decision situations. Within this framework a specific multiplicative model is also discussed.

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