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Research Article | Open Access |

The study of prescriptive and descriptive models of decision making

Author 1: Ashok A Divekar Author 2: Sunita Bangal Author 3: Sumangala D.
International Journal of Advanced Research in Artificial Intelligence (IJARAI) · Vol. 1, No. 1 · Published 2012

DOI: 10.14569/IJARAI.2012.010112

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Abstract

The field of decision making can be loosely divided into two parts: the study of prescriptive models and the study of descriptive models. Prescriptive decision scientists are concerned with prescribing methods for making optimal decisions. Descriptive decision researchers are concerned with the bounded way in which the decisions are actually made. The statistics courses treat risk from a prescriptive, by suggesting rational methods. This paper brings out the work done by many researchers by examining the psychological factors that explain how managers deviate from rationality in responding to uncertainty.

Keywords

Expected Value Prospect expected-value rule risk-averse.

How to Cite this Article

Divekar, A. A., Bangal, S., & D., S. (2012). The study of prescriptive and descriptive models of decision making. International Journal of Advanced Research in Artificial Intelligence, 1(1). https://doi.org/10.14569/IJARAI.2012.010112

Divekar, Ashok A, et al.. "The study of prescriptive and descriptive models of decision making." International Journal of Advanced Research in Artificial Intelligence, vol. 1, no. 1, 2012, https://doi.org/10.14569/IJARAI.2012.010112.

@article{Divekar2012,
  title     = {The study of prescriptive and descriptive models of decision making},
  journal   = {International Journal of Advanced Research in Artificial Intelligence},
  volume    = {1},
  number    = {1},
  year      = {2012},
  publisher = {The Science and Information Organization},
  author    = {Ashok A Divekar and Sunita Bangal and Sumangala D.},
  doi       = {10.14569/IJARAI.2012.010112},
  url       = {https://doi.org/10.14569/IJARAI.2012.010112}
}

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