by asking them which options they prefer for a large set of pairs of alternatives (as on Who Is Hotter.com).The number that corresponds to an outcome's utility can convey different information depending on the that we are discussing now to describe decision preferences.It also draws from more recent results in decision theory, published in journals such as [In 1700], King Carl of Sweden and his 8,000 troops attacked the Russian army [which] had about ten times as many troops...
This FAQ draws heavily from two textbooks on decision theory: Resnik (1987) and Peterson (2009).
To help people avoid this error, some theorists some basic training in microeconomics, which has been shown to reduce the likelihood that humans will commit the sunk costs fallacy (Larrick et al. Thus, through a coordination of normative, descriptive, and prescriptive research we can help agents to succeed in life by acting more in accordance with the normative model than they otherwise would. Good sources on descriptive and prescriptive decision theory include Stanovich (2010) and Hastie & Dawes (2009).
Two related fields beyond the scope of this FAQ are game theory and social choice theory.
For an overview of decision theory from this perspective, see Berger (1985) and Robert (2001).
For a critique of some standard results in statistical decision theory, see Jaynes (2003, ch. An agent's utility function can't be directly observed, so it must be constructed — e.g.