Decision Theory

Over the past few decades, challenges have arisen to the orthodox theory of rational decision-making (sometimes known as Bayesian decision theory, or expected utility theory). These challenges include arguments to the effect that that some options might not be comparable, that some probabilities might not be sharp, that some outcomes might be infinitely valuable, and that decision-makers can have a variety of attitudes towards risk. We examine the standard theory, the challenges, and some alternative theories that have been proposed to respond to them.