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

Li, J.; Davies, G. J.; Kendall, G.; Soane, E.; Bai, R.; 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.

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DOI (Digital Object Identifier) Link: https://doi.org/10.1016/j.eswa.2012.01.193
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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: Journal Item
Copyright Holders: 2012 Elsevier Ltd
ISSN: 0957-4174
Project Funding Details:
Funded Project NameProject IDFunding Body
Not SetNot SetEPSRC (Engineering and Physical Sciences Research Council)
Keywords: decision support; uncertainty; risk; group decision making; evidence support logic; expected utility; TESLA™
Academic Unit/School: Learning and Teaching Innovation (LTI) > Institute of Educational Technology (IET)
Learning and Teaching Innovation (LTI)
Related URLs:
Item ID: 32594
Depositing User: Gareth Davies
Date Deposited: 05 Mar 2012 15:00
Last Modified: 07 Dec 2018 11:05
URI: http://oro.open.ac.uk/id/eprint/32594
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