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Folding Back in Decision Tree Analysis

Author

Listed:
  • Rakesh Sarin

    (Anderson Graduate School of Management, University of California, 405 Hilgard Avenue, Los Angeles, California 90024-1481)

  • Peter Wakker

    (Medical Decision Making Unit, University of Leiden (AZL), Leiden, The Netherlands)

Abstract

This note demonstrates that two minimal requirements of decision tree analysis, the folding back procedure and the interchangeability of consecutive event nodes, imply independence.

Suggested Citation

  • Rakesh Sarin & Peter Wakker, 1994. "Folding Back in Decision Tree Analysis," Management Science, INFORMS, vol. 40(5), pages 625-628, May.
    • Handle: RePEc:inm:ormnsc:v:40:y:1994:i:5:p:625-628
    DOI: 10.1287/mnsc.40.5.625
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    Citations

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    Cited by:

    1. Antoine Bommier & Stéphane Zuber, 2012. "The Pareto Principle Of Optimal Inequality," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(2), pages 593-608, May.
    2. Brookhart, Susan M. & Casile, William J. & McCown, Rick R., 1997. "Enhancing the possibility of success by measuring the probability of failure in an educational program," Evaluation and Program Planning, Elsevier, vol. 20(1), pages 17-25, February.
    3. Hill, Brian, 2020. "Dynamic consistency and ambiguity: A reappraisal," Games and Economic Behavior, Elsevier, vol. 120(C), pages 289-310.
    4. Simon Grant & Atsushi Kajii & Ben Polak, 1996. "Preference for Information," Cowles Foundation Discussion Papers 1114, Cowles Foundation for Research in Economics, Yale University.
    5. Volij, Oscar, 2002. "A remark on bargaining and non-expected utility," Mathematical Social Sciences, Elsevier, vol. 44(1), pages 17-24, September.
    6. Simon Grant & Atsushi Kajii & Ben Polak, 2000. "Preference for Information and Dynamic Consistency," Theory and Decision, Springer, vol. 48(3), pages 263-286, May.
    7. Epper, Thomas & Fehr-Duda, Helga, 2017. "A Tale of Two Tails: On the Coexistence of Overweighting and Underweighting of Rare Extreme Events," Economics Working Paper Series 1705, University of St. Gallen, School of Economics and Political Science.
    8. d'Aspremont, Claude & Gevers, Louis, 2002. "Social welfare functionals and interpersonal comparability," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 10, pages 459-541, Elsevier.
    9. A. Nebout, 2014. "Sequential decision making without independence: a new conceptual approach," Theory and Decision, Springer, vol. 77(1), pages 85-110, June.

    More about this item

    Keywords

    decision analysis; dynamic choice;

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