Theory and Methods

Theory and Methods is a non-probabilistic decision theory that seeks to optimize robustness to failure – or opportuneness for windfall – under severe uncertainty,in particular applying sensitivity analysis of the stability radius type to perturbations in the value of a given estimate of the parameter of interest. It has some connections with Wald's maximin model; some authors distinguish them, others consider them instances of the same principle.It has been developed since the 1980s by Yakov Ben-Haim,and has found many applications and described as a theory for decision-making under "severe uncertainty". It has been criticized as unsuited for this purpose, and alternatives proposed, including such classical approaches as robust optimization.

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