behavioural decision theory

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An approach to judgement and decision making focusing on subjective expected utility and on departures from normative (1) theories such as Bayes' theorem and utility theory. It was first put forward by the US psychologist Ward (Dennis) Edwards (1927–2005) in an influential article in 1954, and many authorities interpret it to include psychological decision theory. US behavioral decision theory. Compare decision theory. BDT abbrev.

Subjects: Psychology.

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