Year: 2015
Type: conference-paper
Abstract: Engineering decisions are made under substantial uncertainty about current and future system cost and response. A risk-neutral decision maker would rely on expected values when comparing designs, while a risk-averse decision maker might adopt nonlinear utility functions or failure probability criteria. The paper shows that these models for making decisions fall within a framework of risk measures that includes many other possibilities. The paper provides an overview of the framework, highlights benefits derived from certain risk measures, and gives a truss design example.
DOI: 10.14288/1.0076159
Language: English
Subfield: Statistics, Probability and Uncertainty
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2297229147