Decision theory provides a structured framework for analysing how individuals and institutions make choices amidst uncertainty. It combines the rigour of mathematical models—such as expected utility ...

Epistemic decision theory integrates formal models of rational belief with the processes of decision‐making under uncertainty. It addresses how agents should revise their credences in light of new and ...

This study addresses significant challenges that practitioners face when using customer lifetime value (CLV) for customer selection. First, the authors propose a Bayesian decision theory-based ...