Decisions shape your life. This research area is about making good decisions in the face of uncertainty and multiple objectives. The work includes normative and behavioral models. There are six elements of a decision:
- The Frame, which shows the lens by which you are looking at the decision situation, the scope of decisions to be addressed, and the perspective taken
- The alternatives
- The information: quantifying information, updating it, and valuing information.
- The preferences: this includes identify the objectives, and capturing the trade-offs among them, as well as he risk aversion.
- The logic by which the decision is made
- The decision maker, whose elements are considered in making the decision.