Experience-Based Decision Making: A Satisficing Decision Tree Approach

This paper introduces a framework of experienced-based decision making as an extension of case-based decision making, a recently proposed alternative to expected utility theory. In experienced-based decision making, an agent faced with a new decision problem acts on the basis of experience gathered from previous problems in the past, either through predicting the utility of potential actions or through establishing a direct relationship between decision problems and appropriate actions. In the paper, a realization of the latter approach in the form of “satisficing” decision trees is proposed.