Credit Points: 3
Lecture: 3 hours
This course deals with decision making under uncertainty. Specifically the course develops decision models for choice problem under uncertainty in the form of influence diagrams and decision tree. Basic topics from probability is reviewed and is used to developed concepts for evaluating value of information. Risk attitude is discussed through utility theory for which we lay the basic axiomatic foundations and proceed to develop procedures for assessing such functions. Additional topics include assessment of probability, applied example and, time permitting, topics dealing with risk sharing and multi-attribute decision analysis.