What is the essence of decision theory, and how does it relate to making choices under uncertainty?
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What is the essence of decision theory, and how does it relate to making choices under uncertainty?
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- How does the role of information in the rational model of decision making differ from the role of information in the behavioral model?What is the role of risk aversion in decision theory and how does it influence decision making?Can you explain the principle of dominance and its significance in decision theory?