This review is about decision technology-the rules and tools that help us m
ake wiser decisions. First, we review the three rules that are at the heart
of most traditional decision technology-multi-attribute utility, Bayes' th
eorem, and subjective expected utility maximization. Since the inception of
decision research, these rules have prescribed how we should infer values
and probabilities and how we should combine them to make better decisions.
We suggest how to make best use of all three rules in a comprehensive 19-st
ep model. The remainder of the review explores recently developed tools of
decision technology. It examines the characteristics and problems of decisi
on-facilitating sites on the World Wide Web. Such sites now provide anyone
who can use a personal computer with access to very sophisticated decision-
aiding tools structured mainly to facilitate consumer decision making. It s
eems likely that the Web will be the mode by means of which decision tools
will be distributed to lay users. But methods for doing such apparently sim
ple things as winnowing 3000 options down to a more reasonable number, like
10, contain traps for unwary decision technologists. The review briefly ex
amines Bayes nets and influence diagrams-judgment and decisionmaking tools
that are available as computer programs. It very briefly summarizes the sta
te of the art of eliciting probabilities from experts. It concludes that de
cision tools will be as important in the 21st century as spreadsheets were
in the 20th.