Entscheidungstheorien

Entscheidungstheorien are mathematical models used to describe and analyze decision-making processes. These theories are primarily applied in the fields of economics, philosophy, and psychology, aiming to provide a rational framework for understanding how individuals make choices under conditions of uncertainty.

One of the earliest and most influential decision theory models is the Expected Utility Theory, developed by John von Neumann and Oskar Morgenstern in 1944. This theory posits that individuals make decisions based on the expected utility of a particular outcome, calculated by weighing the probability of each outcome against its associated utility.

Another significant strand in decision theory is the Prospect Theory, introduced by Daniel Kahneman and Amos Tversky in 1979. This model challenges the Expected Utility Theory by showing that people's choices are often driven by heuristics and mental accounting rules rather than rational calculations. Prospect Theory distinguishes between gains and losses, demonstrating how individuals tend to assess risk and uncertainty differently in these two domains.

Additionally, Game Theory, developed within the mid-20th century, tackles decision making in strategic situations involving multiple agents, such as co-operative or conflicting goals. By focusing on the interactions among different decision-makers, Game Theory offers insights into how individuals make choices in the face of interdependent uncertainties.

Overall, Entscheidungstheorien provide seminal contributions to our understanding of how humans navigate complex decision-making environments. These theories have been widely applied in economics, business, and social sciences to model decision behavior, predict outcomes, and develop optimisation methods.