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Decision Analysis at the Crossroads

Jayavel Sounderpandian (University of Wisconsin‐Parkside)

American Journal of Business

ISSN: 1935-5181

Article publication date: 22 April 1992

Abstract

Empirically observed violations of traditional expected utility theory have prompted several new theories, putting the future of decision analysis at the crossroads. This essay describes the current status of the literature through selected examples of decision making scenarios. It concludes that if all relevant consequences of all alternatives are included in the analysis, then expected utility theory would prove to be valid. Practitioners who use techniques or software based on expected utility theory need only to make sure that they have considered all relevant consequences, and need not worry about the new non‐expected utility theories.

Keywords

Citation

Sounderpandian, J. (1992), "Decision Analysis at the Crossroads", American Journal of Business, Vol. 7 No. 1, pp. 53-58. https://doi.org/10.1108/19355181199200009

Publisher

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MCB UP Ltd

Copyright © 1992, MCB UP Limited