Evidence and belief in regulatory decisions – incorporating expected utility into decision modelling

Li, Jiawei and Davies, G.J. and Kendall, G. and Soane, E. and Bai, R. and Rocks, S.A. and Pollard, S.J.T. (2012) Evidence and belief in regulatory decisions – incorporating expected utility into decision modelling. Expert Systems with Applications, 39 (10). pp. 8604-8610. ISSN 0957-4174

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Abstract

Recent changes in the assessment and management of risks has had the effect that greater importance has been placed on relationships between individuals and within groups to inform decision making. In this paper, we provide the theoretical underpinning for an expected utility approach to decision-making. The approach, which is presented using established evidence support logic (TESLA™), integrating the expected utilities in the forming of group decisions. The rationale and basis are described and illustrated through a hypothetical decision context of options for the disposal of animal carcasses that accumulate during disease outbreaks. The approach forms the basis for exploring the richness of risk-based decisions, and representing individual beliefs about the sufficiency of evidence they may advance in support of hypotheses.

Item Type: Article
RIS ID: https://nottingham-repository.worktribe.com/output/1006890
Keywords: Decision support; Uncertainty; Risk; Group decision making; Evidence support logic; Expected utility; TESLA™
Schools/Departments: University of Nottingham Ningbo China > Faculty of Science and Engineering > School of Computer Science
University of Nottingham, UK > Faculty of Science > School of Computer Science
Identification Number: https://doi.org/10.1016/j.eswa.2012.01.193
Depositing User: QIU, Lulu
Date Deposited: 29 Jun 2018 10:21
Last Modified: 04 May 2020 20:21
URI: http://eprints.nottingham.ac.uk/id/eprint/52677

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