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The Reconciliation of Decision Analyses

Author

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  • Dennis V. Lindley

    (Decision Science Consortium, Falls Church, Virginia)

Abstract

A decision problem can be structured in many different ways. This paper addresses a few of the problems that arise as a result of this diversity; for instance, is a particular structuring method worth doing: is the effort likely to be rewarding? Further considerations arise when two or more methods are used and must be combined. Any rule of combination must attach weights, that depend on errors in the analyses, to the results. Consequently, the questions of errors both at random and decision nodes require discussion. We show that errors at decision nodes produce biases. A basic idea underlying our argument is the concept of true utilities and probabilities: we include a discussion of this concept.

Suggested Citation

  • Dennis V. Lindley, 1986. "The Reconciliation of Decision Analyses," Operations Research, INFORMS, vol. 34(2), pages 289-295, April.
    • Handle: RePEc:inm:oropre:v:34:y:1986:i:2:p:289-295
    DOI: 10.1287/opre.34.2.289
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    Cited by:

    1. Anil Gaba & Dana G. Popescu & Zhi Chen, 2019. "Assessing Uncertainty from Point Forecasts," Management Science, INFORMS, vol. 65(1), pages 90-106, January.
    2. Sarah Ben Amor & Kazimierz Zaras & Ernesto A. Aguayo, 2017. "The value of additional information in multicriteria decision making choice problems with information imperfections," Annals of Operations Research, Springer, vol. 253(1), pages 61-76, June.
    3. Gary J. Summers, 2021. "Friction and Decision Rules in Portfolio Decision Analysis," Decision Analysis, INFORMS, vol. 18(2), pages 101-120, June.
    4. Robert L. Winkler & Robert T. Clemen, 2004. "Multiple Experts vs. Multiple Methods: Combining Correlation Assessments," Decision Analysis, INFORMS, vol. 1(3), pages 167-176, September.
    5. James E. Smith & Robert L. Winkler, 2006. "The Optimizer's Curse: Skepticism and Postdecision Surprise in Decision Analysis," Management Science, INFORMS, vol. 52(3), pages 311-322, March.

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