A bird's view of info-gap decision theory

Abstract

Purpose – The purpose of this paper is to clarify a number of important facts about info-gap decision theory. Design/methodology/approach – Theorems are put forward to rebut claims made about info-gap decision theory in papers published in this journal and elsewhere. Findings – Info-gap's robustness model is a simple instance of the most famous model in classical decision theory for the treatment of decision problems subject to severe uncertainty, namely Wald's maximin model. This simple instance is the equivalent of the well-established model known universally as radius of stability. Info-gap's robustness model has an inherent local orientation. Therefore, it is in principle unable to addre..