Decision Theory o the theory of statistical decision functions [Wald, 1950 +.. is concerned with the process of making decisions and explicitly includes the payoffs that may result determining which decision, from a set of possible alternatives, is optimal for a particular set of conditions MLA 2011, Tsinghua UniversityDecision Theory the theory of statistical decision functions [Wald, 1950] … is concerned with the process of making decisions and explicitly includes the payoffs that may result ❑ determining which decision, from a set of possible alternatives, is optimal for a particular set of conditions 4 MLA 2011, Tsinghua University