Evidence and belief in regulatory decisions - Incorporating expected utility into decision modelling

Date

2012-12-31T00:00:00Z

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Elsevier Science B.V., Amsterdam.

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Article

ISSN

0957-4174

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Citation

J. Li, G.J. Davies, G. Kendall, E. Soane, R. Bai, S.A. Rocks, S.J.T. Pollard, Evidence and belief in regulatory decisions - Incorporating expected utility into decision modelling, Expert Systems with Applications, Volume 39, Issue 10, August 2012, Pages 8604–8610.

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 hypothese

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NOTICE: this is the author’s version of a work that was accepted for publication in Expert Systems with Applications. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Expert Systems with Applications, VOL 39, ISSUE 10, (2012) DOI: 10.1016/j.eswa.2012.01.193

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