Chapter2004

Decision analysis: outline and basic assumptions.

J. Brian Hardaker · R.B.M. Huirne · Jock R. Anderson · G. Lien

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Decision-Making and Behavioral Economics Animal Disease Management and Epidemiology Leadership, Behavior, and Decision-Making Studies

Abstract

Abstract This chapter focuses on the steps in risk management dealing with decision analysis. To illustrate the application of the basic decision analytic approach, the chapter takes as an example a choice faced by a dairy farmer in Europe who is worried about the risk of another outbreak of foot-and-mouth disease. Sections of the chapter explain: the structuring of the problem; decision tree representation; analysis of the decision tree; the components of decision analysis and its axiomatic foundation; and rational choice under risk.

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