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Definition: Plausibility Theory is a decision making concept that replaces the expected values calculation of Bayesian Theory with a risk threshold that is more resembling the way decision makers actually (should) make decisions. |
More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, more on individual decision making... MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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