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A Comparison of Graphical Techniques for Asymmetric Decision Problems

Author

Listed:
  • Concha Bielza

    (Universidad Politécnica de Madrid, Campus de Montegancedo, 28660 Madrid, Spain)

  • Prakash P. Shenoy

    (School of Business, University of Kansas, Lawrence, Kansas 66045)

Abstract

We compare four graphical techniques for representation and solution of asymmetric decision problems---decision trees, influence diagrams, valuation networks, and sequential decision diagrams. We solve a modified version of Covaliu and Oliver's Reactor problem using each of the four techniques. For each technique, we highlight the strengths, weaknesses, and some open issues that perhaps can be resolved with further research.

Suggested Citation

  • Concha Bielza & Prakash P. Shenoy, 1999. "A Comparison of Graphical Techniques for Asymmetric Decision Problems," Management Science, INFORMS, vol. 45(11), pages 1552-1569, November.
    • Handle: RePEc:inm:ormnsc:v:45:y:1999:i:11:p:1552-1569
    DOI: 10.1287/mnsc.45.11.1552
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    References listed on IDEAS

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    1. Guo, Rui & Shenoy, Prakash P., 1996. "A note on Kirkwood's algebraic method for decision problems," European Journal of Operational Research, Elsevier, vol. 93(3), pages 628-638, September.
    2. Prakash P. Shenoy, 1992. "Valuation-Based Systems for Bayesian Decision Analysis," Operations Research, INFORMS, vol. 40(3), pages 463-484, June.
    3. James E. Smith & Samuel Holtzman & James E. Matheson, 1993. "Structuring Conditional Relationships in Influence Diagrams," Operations Research, INFORMS, vol. 41(2), pages 280-297, April.
    4. Ross D. Shachter, 1986. "Evaluating Influence Diagrams," Operations Research, INFORMS, vol. 34(6), pages 871-882, December.
    5. Smith, J. Q., 1989. "Influence diagrams for Bayesian decision analysis," European Journal of Operational Research, Elsevier, vol. 40(3), pages 363-376, June.
    6. Craig W. Kirkwood, 1993. "An Algebraic Approach to Formulating and Solving Large Models for Sequential Decisions Under Uncertainty," Management Science, INFORMS, vol. 39(7), pages 900-913, July.
    7. Zvi Covaliu & Robert M. Oliver, 1995. "Representation and Solution of Decision Problems Using Sequential Decision Diagrams," Management Science, INFORMS, vol. 41(12), pages 1860-1881, December.
    8. Prakash Shenoy, 1998. "Game Trees For Decision Analysis," Theory and Decision, Springer, vol. 44(2), pages 149-171, April.
    9. Ross D. Shachter, 1988. "Probabilistic Inference and Influence Diagrams," Operations Research, INFORMS, vol. 36(4), pages 589-604, August.
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    Citations

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    Cited by:

    1. Thwaites, Peter A. & Smith, Jim Q., 2018. "A graphical method for simplifying Bayesian games," Reliability Engineering and System Safety, Elsevier, vol. 179(C), pages 3-11.
    2. C. L. Smith & E. Borgonovo, 2007. "Decision Making During Nuclear Power Plant Incidents—A New Approach to the Evaluation of Precursor Events," Risk Analysis, John Wiley & Sons, vol. 27(4), pages 1027-1042, August.
    3. Thomas D. Nielsen & Finn V. Jensen, 2003. "Representing And Solving Asymmetric Decision Problems," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 217-263.
    4. Bielza, Concha & Gómez, Manuel & Shenoy, Prakash P., 2011. "A review of representation issues and modeling challenges with influence diagrams," Omega, Elsevier, vol. 39(3), pages 227-241, June.
    5. Borgonovo, Emanuele & Tonoli, Fabio, 2014. "Decision-network polynomials and the sensitivity of decision-support models," European Journal of Operational Research, Elsevier, vol. 239(2), pages 490-503.
    6. Borgonovo, Emanuele & Plischke, Elmar, 2016. "Sensitivity analysis: A review of recent advances," European Journal of Operational Research, Elsevier, vol. 248(3), pages 869-887.
    7. Demirer, Riza & Shenoy, Prakash P., 2006. "Sequential valuation networks for asymmetric decision problems," European Journal of Operational Research, Elsevier, vol. 169(1), pages 286-309, February.
    8. Debarun Bhattacharjya & Ross D. Shachter, 2012. "Formulating Asymmetric Decision Problems as Decision Circuits," Decision Analysis, INFORMS, vol. 9(2), pages 138-145, June.
    9. González-Ortega, Jorge & Ríos Insua, David & Cano, Javier, 2019. "Adversarial risk analysis for bi-agent influence diagrams: An algorithmic approach," European Journal of Operational Research, Elsevier, vol. 273(3), pages 1085-1096.
    10. Lopez-Diaz, Miguel & Rodriguez-Muniz, Luis J., 2007. "Influence diagrams with super value nodes involving imprecise information," European Journal of Operational Research, Elsevier, vol. 179(1), pages 203-219, May.

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