Abstract
Case-Based Decision Theory (CBDT) is a method that achieves the tasks of making decisions by imitating the thinking mode of human beings and achieving relatively satisfying decisions with extremely limited information. It is one of the most representative methods of behavioral decision theory. In order to sort out CBDT systematically, this thesis presents the CBDT model and its evolution systematically, and perfectly reveals the current application fields of CBDT. This thesis also proposes the application prospect of CBDT in the field of venture capital on the basis of summarizing the current evaluation methods of venture capital projects.
Highlights
In the past 70 years, behavioral decision theory has experienced three stages of development: Expected Utility Theory, Non-Expected Utility Theory and Subjective Expected Utility Theory with Ambiguity [1]
In the process of decision-making, Case-Based Decision Theory (CBDT) better imitates the way of human thinking, that is, decision-makers make decisions based on past experiences or similar situations on the cases they are facing at present
CBDT first appeared in Discussion Paper of Gilboa and Schmeidler in 1992, they believe that a case-based approach can be adopted to make decisions under uncertain scenarios, and propose an initial CBDT model [2]
Summary
(2019) A Review of Case-Based Decision Theory. American Journal of Industrial and Business Management, 9, 82-90. Received: December 14, 2018 Accepted: January 8, 2019 Published: January 11, 2019
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