Undergraduate Programme and Module Handbook 2026-2027
Module MATH3071: Decision Theory III
Department: Mathematical Sciences
MATH3071: Decision Theory III
| Type | Open | Level | 3 | Credits | 20 | Availability | Available in 2026/2027 | Module Cap | Location | Durham |
|---|
Prerequisites
- Calculus I (Maths Hons) (MATH1081) or Calculus I (MATH1061), Probability I (MATH1597) and Linear Algebra I (Maths Hons) (MATH1091) or Linear Algebra I (MATH1071).
Corequisites
- None.
Excluded Combination of Modules
- None.
Aims
- To describe the basic ingredients of decision theory, for individuals and for groups, and to apply the theory to a variety of interesting and important problems.
Content
- Introduction to decision analysis: utility.
- Uncertainty.
- Statistical decision theory: Bayes decisions.
- Bargaining.
- Game theory.
- Influence diagrams, group decisions and social choice.
Learning Outcomes
Subject-specific Knowledge:
- By the end of the module students will: be able to solve novel and/or complex problems in Decision Theory.
- have a systematic and coherent understanding of theoretical mathematics in the field of Decision Theory.
- have acquired coherent body of knowledge of these subjects demonstrated through one or more of the following topic areas: Formulating decision problems and solving decision trees.
- Utility, value of money, multi-attribute utility.
- Use of data in decision making, statistical decision theory.
- Sequential decision making.
- Game theory, including two-person zero-sum games.
- Bargaining, including Nash' theory.
- Group decisions and social choice.
Subject-specific Skills:
- In addition students will have specialised mathematical skills in the following areas which can be used with minimal guidance: Modelling.
Key Skills:
- Students will have enhanced problem solving skills.
Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module
- Lectures demonstrate what is required to be learned and the application of the theory to practical examples.
- Problem classes show how to solve example problems in an ideal way, revealing also the thought processes behind such solutions.
- Formative assessments provide feedback to guide students in the correct development of their knowledge and skills in preparation for the summative assessment.
- Summative assignments test achievement of learning outcomes and provide feedback to students about their mastery of the topics.
- The end-of-year examination assesses the knowledge acquired and the ability to solve predictable and unpredictable problems.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total/Hours | Attendance Monitored |
|---|---|---|---|---|---|
| Lectures | 40 | 2 per week for 20 weeks | 1 Hour | 40 | |
| Problem Classes | 10 | 4 in Michaelmas; 4 in Epiphany; 2 in Easter | 1 Hour | 10 | Yes ■ |
| Preparation and Reading | 150 | ||||
| Total | 200 |
Summative Assessment
| Component: Examination | Component Weighting: 70% | ||
|---|---|---|---|
| Element | Length / duration | Element Weighting | Resit Opportunity |
| On Campus Written Examination | 2 hours | 100% | |
| Component: Summative Assignments | Component Weighting: 30% | ||
| Element | Length / duration | Element Weighting | Resit Opportunity |
| Assignment | 100% | ||
Formative Assessment:
Four assignments to be submitted.
■ Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.