Static stochastic optimization problems are formulated with the focus theory of choicein which instead of using the expected utility in the existing approaches, the optimal solution isdetermined as per which solution’s focus (the most salient realization of a random vector) is the...

We present a decision theory which models and axiomatizes a decision-making procedure. This procedure involves two steps: in the first step, for each action, some specific event which can bring about a relatively high outcome with a relatively high probability or a relatively low outcome with a...