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The purpose of this paper is to clarify a number of important facts about info‐gap decision theory.
Theorems are put forward to rebut claims made about info‐gap decision theory in papers published in this journal and elsewhere.
Info‐gap's robustness model is a simple instance of the most famous model in classical decision theory for the treatment of decision problems subject to severe uncertainty, namely Wald's maximin model. This simple instance is the equivalent of the well‐established model known universally as radius of stability. Info‐gap's robustness model has an inherent local orientation. Therefore, it is in principle unable to address the fundamental difficulties presented by the type of severe uncertainty that is postulated by info‐gap decision theory.
These findings caution against accepting the assertions made in the info‐gap literature about: info‐gap decision theory's role and place in decision making under severe uncertainty; and its ability to model, analyze, and manage severe uncertainty.
This paper exposes the serious difficulties with claims made in papers published in this journal and elsewhere regarding the place and role of info‐gap decision theory in decision theory and its ability to handle severe uncertainty.
The purpose of this paper is to illustrate the expressive power of Wald's maximin model and the mathematical modeling effort requisite in its application in decision under severe uncertainty.
Decision making under severe uncertainty is art as well as science. This fact is manifested in the insight and ingenuity that the modeller/analyst is required to inject into the mathematical modeling of decision problems subject to severe uncertainty. The paper elucidates this point in a brief discussion on the mathematical modeling of Wald's maximin paradigm.
The apparent simplicity of the maximin paradigm implies that modeling it successfully requires a considerable mathematical modeling effort.
The paper illustrates the importance of mastering the art of mathematical modeling especially in the application of Wald's maximin model.
This paper sheds new light on some of the modeling aspects of Wald's maximin paradigm.