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Considerations on the Rationale and Approach of Decision Science

Author

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  • Popescu Oana Catalina

    (Academy of Economic Studies, Bucharest)

Abstract

The approach to decision theory has varied from one scholar and school of thought to the other from the development of mathematically complex systems, models and equations to the disregard of this particular academic endeavor altogether due to randomness and overwhelming subjectivity and complexity. This paper shall briefly cite the main opposing perspectives on the general decision-making model, and in so doing argue whether the study of decisions makes academic sense at all. Concluding as to not only the pertinence, but the necessity of decision science, we do however admit the need for a more comprehensive and integrated approach. We then attempt to draw the guidelines of a general decision model, and later list some of the factors that such a model should integrate in order to constitute a realistic point of reference.

Suggested Citation

  • Popescu Oana Catalina, 2011. "Considerations on the Rationale and Approach of Decision Science," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1733-1738, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1733-1738
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    More about this item

    Keywords

    decision theory; decisions; game theory; economic modelling;
    All these keywords.

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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