Decision Analysis II credit: 3 or

4 Hours

Continuation of SE 450 . Fundamental requirements of a decision-making system; comparison of different decision-making methods; "paradoxes" in decision making; foundations and history of probability as a degree of belief; Bayesian vs. classical statistics; entropy of a random variable; experimentation and optimal stopping; invariance formulations in utility and probability; one-switch preferences; graph-based methods to incorporate dependence in multiattribute utility functions. Prerequisite: SE 450 .