Article ID: | iaor1992450 |
Country: | United Kingdom |
Volume: | 19 |
Start Page Number: | 197 |
End Page Number: | 206 |
Publication Date: | Sep 1991 |
Journal: | OMEGA |
Authors: | Ward S.C., Chapman C.B., Klein J.H. |
Keywords: | risk, philosophy |
This paper is concerned with the ways in which theoretical decision models fail to meet the needs of practical decision-making. To illustrate the arguments theoretical approaches to the well-known newsboy problem are briefly examined. An alternative applied approach is described to further illustrate practical shortcomings of theoretical approaches.