Peer reviewedERIC Number: EJ076832
Record Type: CIJE
Publication Date: 1973
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From Statistical Decision Theory to Practice: Some Problems with the Transition
Conrath, David W.
Management Science, 19, 8, 873-883, Apr 73
Approaches one aspect of the problem of applying statistical decision models to the real world'' by discussing the use of probabilistic data for decisionmaking. Argues that (1) decisionmakers have difficulty conceiving of probability distributions, (2) the concept of risk of failure'' plays a major role in choice, and (3) the format in which probabilistic data are presented can affect choice behavior. (Author/DN)
Descriptors: Case Studies, Decision Making, Decision Making Skills, Models, Probability, Risk, Statistical Data
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