Publication Date

4-1-2023

Comments

Technical Report: UTEP-CS-23-10

Abstract

In many real-life situations, we need to make a decision. In many cases, we know the optimal decision in situations when we know the exact value of the corresponding quantity x. However, often, we do not know the exact value of this quantity, we only know the bounds on the value x -- i.e., we know the interval containing $x$. In this case, we need to select a decision corresponding to some value from this interval. The selected value will, in general, be different from the actual (unknown) value of this quantity. As a result, the quality of our decision will be lower than in the perfect case when we know the value x. Which value should we select in this case? In this paper, we provide a decision-theory-based recommendation for this selection.

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